MNI: Canada March Retails Flat After Feb Decline Led By Gas

STATSCAN SAYS FLASH RETAIL SALES WERE UNCHANGED IN MARCH

MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

US EIA: CRUDE OIL STOCKS EX SPR -6.37M TO 453.6M APR 19 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CAD and NOK Enjoy Oil Price Recovery

FOREX
  • With crude futures retracing the majority of Monday's sell-off, the Canadian Dollar and Norwegian Krone were the clear outperformers on Wednesday.
  • After taking out the overnight lows through 1.2675, USDCAD saw steady supply throughout US hours, with little to halt the CAD ascent. 1.2526 marked the low before a small bounce but USDCAD remains 1% lower for the session. CADJPY enjoyed a 1.5% rally, continuing the bounce from the 85.43 April lows matched on Monday.
  • In similar vein, NOK enjoyed a strong reversal higher (EURNOK -1.24%) after reaching near 7-month lows during Monday's oil price rout.
  • Overall greenback weakness helped favour NZD and GBP, both rising roughly 0.7%.
  • Firmer risk sentiment left the Japanese Yen trading with a heavy tone for a second consecutive session. USDJPY rose back above 110 and eyes key resistance at 110.70, Jul 14 high in order to maintain technical bearish conditions.
  • EURUSD held a relatively narrow 50 pip trading range as futures volumes indicated limited interest in the pair despite rising back to the 1.18 mark. Markets await tomorrow's July ECB monetary policy statement and accompanying press conference.
  • With President Lagarde taking the spotlight, US jobless claims and consumer confidence data are unlikely to move the dial, while in the UK, MPC member Broadbent may deliver remarks at a BOE hosted event.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.