Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

12 December 2016, 06:55
Mohammad Soubra
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Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher


Talking Points:

  • Canadian Dollar, Norwegian Krone rise alongside crude oil prices
  • WTI hit 17-month high as non-OPEC suppliers sign on to output cut
  • British Pound strength set to be challenged by Hammond testimony

The Canadian Dollar and the Norwegian Krone outperformed in overnight trade, bolstered surging crude oil prices. The WTI benchmark shot up to the highest level in 17 months after a number of large non-OPEC producers agreed to participate in an OPEC-led output cut scheme at a meeting over the weekend.

The British Pound edged narrowly higher as UK Chancellor of the Exchequer Philip Hammond prepares to testify about last month’s Autumn Statement budget update before a House of Commons committee. The likely severity of any Brexit-linked slowdown and the fiscal help on offer to counter it will be in focus.

Sterling’s gains presumably imply that investors foresee a boost in government spending as likely to reduce the scope for further easing on the monetary side of the equation. Mr Hammond will surely try to put on a brave face. The degree to which this looks convincing may test such this rosy outlook. 

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

19:30

NZD

REINZ House Sales (YoY) (NOV)

-6.0%

-

-14.2%

21:45

NZD

Net Migration SA (OCT)

6240

-

6340

23:50

JPY

Machine Orders (MoM) (OCT)

4.1%

1.1%

-3.3%

23:50

JPY

Machine Orders (YoY) (OCT)

-5.6%

-4.9%

4.3%

23:50

JPY

PPI (MoM) (NOV)

0.4%

0.3%

-0.1%

23:50

JPY

PPI (YoY) (NOV)

-2.2%

-2.3%

-2.7%

0:01

GBP

Rightmove House Prices (MoM) (DEC)

-2.1%

-

-1.1%

0:01

GBP

Rightmove House Prices (YoY) (DEC)

3.4%

-

4.5%

0:30

AUD

Credit Card Purchases (OCT)

A$25.6b

-

A$25.3b

0:30

AUD

Credit Card Balances (OCT)

A$51.4b

-

A$51.4b

4:30

JPY

Tertiary Industry Index (MoM) (OCT)

0.3%

-0.1%

6:00

JPY

Machine Tool Orders (YoY) (NOV P)

-

-8.9%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

9:00

CHF

Total Sight Deposits

-

527.5b

Low

9:00

CHF

Domestic Sight Deposits

-

457.6b

Low

11:15

GBP

UK’s Hammond Questioned on Autumn Statement

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0376

1.0475

1.0518

1.0574

1.0617

1.0673

1.0772

GBP/USD

1.2446

1.2514

1.2543

1.2582

1.2611

1.2650

1.2718


 

 

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