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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Oil Prices Surge to Highest Levels in Over 2 Years

Published November 6, 2017

• Stronger-than-forecast employment numbers on Friday has pushed the loonie back into the 1.27s, where USD buyers are a bit more comfortable. This was offset by soft trade data indicating the Canadian economy seems to have slowed after a very strong summer, something Poloz will almost certainly be paying attention to.
• Poloz will be making a speech in Montreal tomorrow entitled “Central Banks’ Ability to Understand Inflation”.
• The Federal Reserve Bank of New York confirmed today that William Dudley, one of the most influential monetary policymakers throughout the financial crisis and one of the strongest advocates of unprecedented monetary stimulus in the last 10 years, expects to retire by mid-2018. This raises another question over leadership at the US Federal Reserve less than a week after Trump appointed the new Fed Chair.
• Oil prices climbed past Friday’s highs this morning due to continuing signs of tightening market conditions. More importantly, Saudi Arabian Crown Prince Mohammed bin Salman (“MBS”) seems to be consolidating his power through an anti-corruption probe that has ensnared Saudi Royals, ministers, and billionaire businessman. This is significant as MBS has backed policies that cap oil output to increase prices.
• WTI crude is up 2.16% to $55.72 and Brent crude is up 2.74% to $62.28 at the time of writing.