Rough Start To The Week For The U.S. Dollar
The National Bank of Canada | Mar 27, 2017 09:33AM ET
The week is looking volatile, with the Trump administration’s failure to get its health reforms passed serving as a pretext for generalized profit taking on all stock markets, as well as on the U.S. dollar, which is down against all the other major currencies.
Other important measures will have to be approved in the coming months by the Trump administration and this recent failure will raise doubts as to the President’s ability to deliver on his campaign promises. The next challenge will no doubt be the federal budget, which is to be tabled in late April.
Over the weekend, a commission made up of officials from OPEC member nations and certain non-member countries agreed to look into the possibility of renewing the agreement on cutting oil output for six more months. The statement that followed the meeting failed to satisfy investors, and leaves looming doubts regarding the cartel’s ability to limit global supply. Concern remains palpable, as the price of crude oil is down 1% again this morning.
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