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Oil Strength, Canadian Job Data Boost Canadian Dollar

Published February 10, 2017
  • The US Dollar Index hit its highest level in 10 days in what will be its best week since mid-December; higher oil prices and Canadian job data are giving the loonie substantial strength against the US dollar
  • Canadian Employment Change came in at 48,300 jobs added versus an expected decrease of 10,100; unemployment rate improved to 6.8%
  • Oil is up more than 1% this morning after the International Energy Agency indicated it will raise its 2017 global oil demand forecast by 100,000 barrels per day
  • Further data shows over 90% compliance in the OPEC deal; this greatly exceeds the initial 60% compliance achieved when OPEC’s previous deal to cut was implemented in 2009
  • President Trump created greater political stability by agreeing to honor the “one China” policy during a phone call with Chinese President Xi Jinping; Trump angered the Chinese leadership in December by insisting the US did not have to abide to Beijing’s policy on Taiwan
  • China ‘s trade balance data release showed a surplus of 355 billion versus 295 billion expected; demand for Chinese goods has picked up at home and abroad, even in spite of a rise protectionism rhetoric from Donald Trump
  • Data on US Consumer Sentiment is set to be released at 10:00 AM EST; Wall Street futures are pointing slightly higher this morning based on high expectations for this data

  Chart (1) Canadian Employment Change since January 2016