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USD/CAD settles in the high 1.2600’s; German and Chinese Trade Data Disappoint

Published August 8, 2017
  • USD/CAD opened in the high 1.2600’s this morning as the greenback continued to rebound on the backs of last week’s strong US jobs data; the pair rose above 1.2700 yesterday however gains were tempered due to doubts on the Federal Reserve’s ability to raise interest rates again in 2017
  • Chances for a US rate hike in December stand at 47% as the market focuses on US inflation; data on US month-on-month core and non-consumer prices is set to be released at 8:30 AM EST on Friday August 11
  • China’s trade activity for July grew much less than expected, highlighting concerns that manufacturing orders from Western nations are beginning to slow down; China’s overall trade in July grew at 8.8 percent, marking the slowest rate so far in 2017
  • German trade results also disappointed as exports from German dropped by 2.8%, marking the largest decline in exports since August 2015; imports also declined 4.5%, in what was the sharpest fall since 2009
  • Oil prices are mixed this morning as market participants wait for the outcome from this month’s OPEC meeting; the group is discussing on how to increase compliance within the OPEC deal cut after July’s compliance level fell to its lowest rate since January at 86%
  • WTI prices are nearing $50 and Brent Crude prices are settled at a comfortable $52; prices look to gain strength after Saudi state oil company Aramco stated they will cut supply to its global customers next month by 520,000 barrels per day