USD/CAD Plummets On U.S. Oil Inventories
Dailyfx | Jul 29, 2015 01:59PM ET
- US DOE crude oil Inventories comes in at -4203K vs 850K estimates
- US DOE Gasoline Inventories has a -363K read vs 250K market expectations
- USD/CAD plummets -60-pips following dismal oil inventories data
US DOE crude oil Inventories missed big time on expectations set forth by Bloomberg news economists of 850K. The data, which came in at -4203K, represents a -5053K miss. U S DOE Gasoline was also off the mark reading -212K vs 250K estimates. Cushing Crude Inventory was -212K vs 250K estimates while distillate inventories was the only favorable DOE read coming in at 2588K vs 1450K estimates.
The US dollar was weakened by the unfavorable oil inventories data causing a huge downtick against the Canadian Dollar. USD/CAD traded at $1.2945 prior to the data prints and dropped -70-pips after market participants priced the misses from estimates. USD/CAD found support at $1.2867 and has since climbed trading at $1.2889 at the time of writing.
Here’s a full summary of US DOE data at 14:30GMT:
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