CAD And Oil Rebound In Tandem; Commodities Ended August On A Positive Note 1-9-2017

Greenback Rallied Then Reversed. The U.S. currency was off to a good start as headlines contained several positive updates for the economy, but end-of-the-month profit-taking eventually took hold after US Treasury Secretary Mnuchin tried to talk the dollar down noting that a lower US Dollar is good for US trade.

CAD Takes A New Run. The Loonie was the big winner for the day as monthly GDP release came out stronger-than-expected, getting an extra boost from higher oil and lower USD. Market watchers seem to be buzzing about another Bank of Canada interest rate hike.

Gold Rallied Up Off Of $1,300. US Treasury Secretary Mnuchin speech sparked a rebound in gold up off of $1,300 back toward $1,320 and enabled EUR and GBP to cut early losses.

Oil Turning Sharply Upward. Crude oil ticked higher on reports of lower natural gas storage levels and an expected surge in gasoline demand during the U.S. Labor Day long weekend.

Watch Out Today For:

12:30 pm GMT: USD Nonfarm Payrolls

14:00 pm GMT: USD ISM Manufacturing PMI

By MEX Group Team

The post CAD And Oil Rebound In Tandem; Commodities Ended August On A Positive Note 1-9-2017 appeared first on mexgroupblog.

Source:: CAD And Oil Rebound In Tandem; Commodities Ended August On A Positive Note 1-9-2017

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