FX Daily Update
The National Bank of Canada | May 16, 2017 09:00AM ET
MARKETS RISING
The output cuts announced by Russia and Saudi Arabia sent crude oil prices, stock markets and the Canadian dollar soaring, with the S&P 500 Index even hitting a record level of 2400 points. In the run-up to the meeting of oil-producing countries (OPEC) to be held in Vienna next week, the two major oil producer nations confirmed that they were not only prepared to renew the output cut agreement, but to extend it until March 2018. OPEC wants to reduce world inventory levels, which remain above the average of the past five years, partially due to U.S. oil production.
The rebound in oil prices contributed to dampen pessimism about the loonie after speculative positions against the Canadian dollar hit a record high last week.
This morning, we’ll be keeping an eye on Housing Starts and Building Permits to take the pulse of the U.S. real estate industry. Later this morning, Industrial Production data will let us know whether or not factories contributed to U.S. growth in April.
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