Markets

Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

DailyFX.com -

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.

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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

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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