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Oil Prices Increase for Fourth Consecutive Day; Market Awaits Yellen Comments

Published June 27, 2017
  • Oil prices rose for a fourth day in a row as the market looks ahead to weekly data on US oil stockpiles; the American Petroleum Institute will release their count of US stockpiles today at 4:30 PM EST while the US Energy Information Administration will release their iteration tomorrow
  • USD/CAD remains close to a strong 1.3200 support level as investors weigh oil prices, US interest rate hike expectations and relatively weak US data
  • Fed Chair Janet Yellen is set to speak at 1:00 PM EST today at the British Academy’s 2017 President’s Lecture in London, UK; market participants will follow her speech closely for any developments on when the Federal Reserve intends to raise interest rates
  • Philly Fed President Patrick Harker and Minneapolis Fed Chief will both speak today as well; investors will look for comments on the central bank’s plan to shrink its balance sheet down from the $4.5 trillion size allotment provided during the 2008 financial crisis
  • The euro moved towards 2-week highs after European Central Bank President Mario Draghi noted clear signs of “strengthening and broadening” in the euro zone; Draghi, however, maintained that “a considerable degree” of monetary stimulus was still needed