US export Price Index fell today to -7.4% having been expected to arrive in -7.1%. Canadian unemployment rate also disappointed coming in at 7.1% - more than the expected 6.9%.
Oil extended gains today and is set for its biggest weekly rise in over six years after U.S. Federal Reserve minutes suggested it was in no hurry to raise interest. Brent crude, the global benchmark, was up 90 cents at $53.95 a barrel at 1045 GMT, 1.7 percent above the previous close and on track to rise 12 percent this week alone. CAD and the rest of the commodity currencies are responding to this news which is why the employment figures haven’t halted the pounds decline against the Canadian Dollar. Generally it’s felt that the rally will run out of steam next week as the market is still very oversupplied.
Markets more generally have reacted to the news that the Fed will not be raising interest rates. With Global Stocks rising – global stocks are on course for the biggest weekly rise since 2011.
Columbus Day in the States on Monday so no settlement – it’s also Canadian thanksgiving so Monday is fairly data light. Tuesday sees Chinese trade balance data, UK PPI and US monthly budget statement.