Despite the end of the strike in Kuwait, crude oil prices continued to rise, lifting the Canadian dollar, which is now closing in on the 1.2500 mark (80 cents U.S.). Bank of Canada Governor Stephen Poloz’s comments to the Senate that the recovery in exports was still very timid and that the country may need more than three years to recover from low oil appear to have had no impact. This morning, the European Central Bank (ECB) made its monetary policy announcement. No new rate cuts will be made and quantitative easing will remain at €80 billion per month. It will be much more interesting to see what happens with ECB President Mario Draghi’s press conference at 8:30. The volatility seen in March with 500 points of variation in only a few minutes was certainly noteworthy. Today, we’ll also be keeping an eye on weekly jobless claims data in the United States at 8:30.
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