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US JOLTS Jobs Openings Data Due | Oil Prices Jump 1% on Further Sanctions

Published February 12, 2019
  • President Trump has stated his intent to meet Xi Jinping in an attempt to bring a resolution to the ongoing trade war. Representatives are meeting in Beijing later this week in an effort to come to an agreement in principle ahead of the March 1 deadline. Trump has threatened to double the rate of tariffs on $200 billion in Chinese imports if no deal is concluded.
  • British Prime Minister May is due to inform parliament today on the status of EU negotiations, with the expectation that she will request additional time to renegotiate the deal. The Bank of England Governor Mark Carney will discuss risks to the outlook for growth in the UK in a speech this morning.
  • USD/CAD has continued to move lower this morning as the pair is trading at 1.3250 down 0.33% on the day. In the US economic data there is the JOLTS Jobs Openings which is expected to slow to 6.84 million. This comes as the Federal Reserve focuses increasingly on the global trade war and slower US growth that has resulted in the Fed lowering its forecast to two hikes in 2019.
  • Oil prices have gained about 1% this morning, reinforced by OPEC-led production cuts and US sanctions against Iran and Venezuela. A barrel of West Texas Intermediate crude oil rose to $53.50. The ongoing closure of portions of the Keystone pipeline has facilitated the move upwards for WTI.