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USD Plummets on Strong Commodity Prices

Published December 27, 2017
  • The US dollar fell this morning against most majors, with a rally in commodity prices helping the Canadian dollar. Traders are back at their desks after the Christmas holidays, and even though volumes are still somewhat thin, this didn’t stop the loonie from surging on a spike in copper and crude prices
  • Oil prices surged yesterday after a reported explosion on a Libyan pipeline, hitting 2-year highs, though crude prices have given up some of these gains today on profit-taking. WTI crude is down 0.60% to $59.60 with Brent crude down 0.70% to $66.55 at the time of writing
  • It is a quiet day on the data calendar with the US Consumer Confidence and US Pending Home Sales at 10am, though these didn’t have much of an impact either way