Still Too Much Black Gold
Yesterday, crude oil prices and the loonie gave back the gains they had recorded the day before. Crude oil prices fell by 3.3% following the announcement that Cushing crude oil inventories had increased to 482.8 million barrels, the highest level since May.
For its part, the greenback jumped on Wednesday after the positive comments on the U.S. economy by Chair Fed Janet Yellet and encouraging data, specifically the ISM Non-Manufacturing Index, which came in at 59.1, very close to the July levels—the best performance in 10 years. We remind you that a reading above 50 for this indicator signifies that non-manufacturing industries are expanding.
The Bank of England maintained its key rate at 0.50% this morning, and also lowered its inflation and GDP growth forecasts for 2016. As a result, the pound sterling has fallen in the red and is slumping against the major currencies.
Tomorrow morning, we will focus on employment figures from both sides of the 49th parallel.
