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USD Improves as Market Focuses on Brexit; Oil Prices Continue to Rise

Published March 29, 2017
  • The US dollar continues to gain against major currencies as markets brace for the impact of Brexit; the greenback also benefited after yesterday’s data showed US consumer confidence is at its highest level since December 2000
  • UK Prime Minister Theresa May officially started the two-year Brexit process today by triggering Article 50; May will send a letter to European Council President Donald Tusk today and Tusk will respond with negotiating guidelines within 48 hours
  • The Canadian dollar remains steady against the US dollar, assisted by rising oil prices, though is also reacting to a somewhat cautious tone from Bank of Canada Governor Stephen Poloz
  • Poloz reiterated the need for a dovish policy citing that Canada’s economy has more room to grow, stating comparatively higher unemployment and excess capacity; the BoC governor also mentioned that any interest rate hike in Canada would tip the country into recession
  • Oil prices rose to a one-week high this morning as investors continued to react to Libyan supply disruptions and hopes of an OPEC cut extension beyond June; prices are expected to move again after today’s weekly oil stockpile inventory data from the US Energy Information Administration
  • Global stocks are mixed this morning on news of Brexit; US stock futures are set for a flat open after the Dow managed to break its longest losing streak since 2011, yesterday