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WTI Hits Six-Month High | Canadian Wholesale Data in Focus

Published April 23, 2019

• The Canadian dollar has increased on the back of rising crude prices. A barrel of West Texas Intermediate was trading above $66 this morning. The move comes as the Trump administration ends the Obama era waivers on the ban of Iranian oil exports in an attempt to increase pressure on the regime.
• Officials in Beijing have signaled that they will not consider further stimulus to the domestic economy. The CSI 300 has gained almost 40% this year on the back of policy loosening. This comes as optimism over a trade deal between China and the US remains high.
• Statistics Canada is set to publish Wholesale Sales numbers this morning. The data will reflect the retail sector performance for February, which is still not expected to cause much volatility in the loonie. The US Census Bureau will release the March New Home Sales, which should provide Fed policy makers more clarity about US housing market performance.
• Gold prices have continued to decline and is trading towards the $1,270 level against the US Dollar. The price tested the $1,271 level as the US dollar gains continues to have short term effects on the commodity.