Crude oil is up 3% this morning, despite resistance from Iran and Iraq to the idea of following Russia and Saudi Arabia’s lead on freezing their output at January levels. The market hopes that the negotiations last week represent a first step toward closer cooperation between the main oilproducing nations.
The loonie is stable this morning as investors await an update on the country’s finances from federal Finance Minister Bill Morneau. The federal budget is expected in the coming weeks and the next Bank of Canada meeting is scheduled for March 9. Since the BoC meeting on January 20, the Canadian dollar has been the top-performing G10 currency against the greenback, gaining 5.4% against the USD and 1.3% against the EUR.
This week, we’ll be keeping an eye on comments from several Fed voting members and the meeting of G20 finance ministers and central bank governors scheduled in China later this week. Have a great day. Emmanuel Tessier-Fleury
