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USD/CAD Steady Ahead of US Central Bank Meeting; US Oil Output Increases
Published December 11, 2017
The start of the week will be relatively quiet for USD/CAD as investors shift their attention to the upcoming Federal Reserve and European Central Bank meetings later in the week.
The Federal Reserve is widely expected to raise rates in what will be Janet Yellen’s last meeting as Fed Chair. Despite her departure, investors will gauge the Fed’s current rate hike trajectory in light of recent data on US economic growth.
The European Central Bank is set to host a conference on Thursday to discuss ongoing monetary policy changes for the euro zone. Bank of Canada Governor Stephen Poloz will also deliver a speech on Thursday at the Canadian Club in Toronto.
Economic data on JOLTS (Job Openings and Labor Turnover Summary) for the US is set to be released at 10:00 AM EST this morning. The US dollar remains strong against the loonie as the market continues to digest last week’s US job numbers.
British Prime Minister Theresa May will speak in the British Parliament later today to discuss a “new sense of optimism” over Brexit negotiations; Britain and the EU are expected to sign a deal on how much the UK is expected to pay for Brexit, allowing the two parties to move to discussing future trade ties.
Oil prices remain mixed this morning as investors weigh ongoing increases in US oil production; US output is now at its highest level since the 1970’s and near levels of top producers, Russia and Saudi Arabia.