FX Daily Update
The National Bank of Canada | May 29, 2017 09:10AM ET
DISAPPOINTMENT AT THE OPEC SUMMIT
Markets were unquestionably disappointed after the meeting of oil-producing nations held in Vienna this week, which resulted in an announcement that the production cuts currently in effect would be carried over for nine months.
After the announcement was made at 11 a.m. (Eastern Time), crude oil prices (WTI) began to nosedive, ending the day down more than 4.7% and by extension ending a streak of price gains. In short, markets appeared to have unrealistic expectations for this meeting, with many observers hoping for an extension of the current cuts for more than a year and/or a new round of cuts, even though participants had never given any official indication that such possibilities existed.
Slumping energy prices brought the Canadian dollar down with them, wiping out almost all of the gains achieved Wednesday after the Bank of Canada’s rate decision.
Today, we’ll be keeping an eye on U.S. Durable Goods Orders for April at 8:30 this morning. All is quiet on the Canadian front.
Range of the day: 1.3405 – 1.3550
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.