Excellent week for the loonie!
We had a very lively day yesterday with the strength of oil prices contributing to a sharp rise in the Canadian dollar against most major currencies. According to the International Energy Agency (IEA), world oil production could struggle to keep up with demand over the coming months despite production of OPEC’s member nations being at its highest level historically. The cartel’s production is currently at 33.2 million barrels a day (MB/D) compared to less than 30 MB/D in the summer of 2014.
The earnings release season in the U.S. is coming to an end and showing a stabilization of revenue and a 4.1% drop in profits for the 458 companies of the S&P500 having released their financial results. Investors are positive despite the news as the S&P500, NASDAQ and Dow Jones ended yesterday’s session at new record highs.
Today, we are keeping an eye on the following economic data from the U.S.: Retail Sales, the Producer Price Index (PPI) and the University of Michigan Consumer Sentiment Index.
