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Oil Prices Recover on Inventory Draw | U.S. ADP Data on Target
Published October 4, 2017
The Loonie is up slightly this morning on general USD weakness, without much movement expected before Friday’s employment data. With BOC policy now explicitly data dependent, Friday’s employment data is being anxiously awaited
USD is down across the board this morning, seemingly on reports that the next Fed Chair may not be the hawkish Kevin Warsh, but instead the more dovish Jerome Powell. U.S. ADP Non-Farm Employment Change came in as expected (135K) leaving Friday’s employment numbers the next big thing to watch. Janet Yellen speaks today at 3:15PM, though there is no expectation of any major changes to her recent optimistic stance on the U.S. economy and the Fed rate path
Sterling rebounded a touch this morning (up 0.27% vs. USD) on better than expected Services data out overnight
Crude oil prices are up after starting the session in negative territory. The initial drop was due to speculation that weekly supply data would show a build of U.S. inventories, but the report showed a decrease in inventories of 6 million barrels (beating forecasts of a decline of 500,000 barrels). WTI crude is up 0.30% to $50.57 and Brent is up 0.13% to $56.07 at the time of writing