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USD Down on Wage Growth; Oil Under Pressure from US Production

Published March 13, 2017
  • The US Dollar Index fell to two week lows this morning as the market continues to react to the latest US job employment data
  • US job growth numbers beat expectations, however, investors remain concerned about tepid wage growth
  • Decreases in USD/CAD were limited due to near-certain expectations that of an interest rate increase during the upcoming US Federal Reserve meeting; languishing oil prices remain a concern for the Canadian dollar as well
  • Oil prices remain at the lowest level since the end of November 2016 as record high US crude inventories and evidence of rising shale production in the US continue to counter the efforts by the OPEC supply cut
  • The Baker Hughes Oil Rig count showed that the number of active US oil rigs rose by 8 last week; this marked the eighth weekly increase in a row as the total number reached 617, the highest level since October 2015
  • The Dutch election on Wednesday will serve as an indicator of the current strength of populist politics in Europe; the euro could face sustained pressure if the Netherlands experiences a Brexit-style shock result