The second week of May saw the dollar gaining ground against many currencies despite a political controversy. A mix of events awaits us now: GDP from Japan, jobs from Australia, and housing data from the US. Chinese Industrial Production: Monday, 2:00. After a surprising rise of 7.6% last time, the figure for April could be weaker: 7% is expected.Euro-zone GDP: Tuesday, 9:00. No change is expected.US housing data: Tuesday, 12:30. ...
The bid in Crude Oil over the last few sessions has been welcomed news for CAD longs, which benefit when USD/CAD falls. However, the news out of the energy market may not stay supportive for long. On Thursday, OPEC raised their 2017 estimate of supply growth from non-OPEC producers (i.e., US Shale) by 46%, which is a direct threat to the supply curbs put in place by OPEC and Russia and expected to be extended to help rebalance the market. While there has been a bounce in Crude Oil over the last ...
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