FX Daily Update
The National Bank of Canada | Sep 19, 2016 08:56AM ET
Markets remain turbulent
Friday’s inflation data out of the United States showed a slight upward pressure on prices, which quickly brought the possibility of an interest rate hike this year back into the news. However, there appears to be nothing to indicate that the Fed will move forward with such an increase this Wednesday, with the likelihood currently at 22% compared to 55% by the end of the year. Although the greenback is under slight pressure from other currencies on the whole this morning, the context appears to be favourable to it in general.
Another element helping to bolster the U.S. dollar is the price of oil (WTI), which despite a slight rally still remains below the $44 a barrel mark. This performance is certainly related to the announcement last Friday that the number of drilling platforms was at a 7-month high.
Anyone betting on the September 27 OPEC meeting for an agreement on output levels will likely have to continue to wait, as the group’s Secretary-General stated that no decision will be made in the context of an informal meeting.
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