After rising by 8.3% on Friday, WTI crude oil briefly went over the $50 a barrel mark this morning, the first time this has happened since January 15. Since June 20, 2014, crude oil prices have fallen by 54%.
Tension in Europe remains high, with Yanis Varoufakis, the new Greek Finance minister making the rounds of other European countries, in order to convince his colleagues to alleviate the debt burden of his country.A clash is looming with Germany, because its chancellor, Angela Merkel, has stated that she opposes the restructuring of Greek debt. Greece's coffers are practically empty, and major capital reimbursements are slated for the coming months. In spite of the restructuring that took place in March of 2012, its debt still represents 175% of that country's GDP.
The talks in Greece are supporting the euro, which is rising slightly against the greenback. The bounce back in crude oil prices is helping the loonie, which is looking good this morning. In economic indicator news, we will be monitoring Personal Spending data to be released at 8:30 a.m., and the ISM Manufacturing Index at 10:00 a.m. Have a good day!
Emmanuel Tessier-Fleury
Range of the day: 1.2635-1.2725