Brent and WTI prices are rising as the U.S. and the European Union threaten to impose new sanctions on Russian companies and executives close to Vladimir Putin’s government. With Russia the world’s largest oil producer, crude prices will certainly be subject to additional upward pressure in the coming weeks. Note that since tensions began, the ruble has fallen close to 9% against the greenback.
The ferry disaster that has shocked South Korea and resulted in more than 300 deaths has led Prime Minister Chung Hong-won to resign over how the government has handled the tragedy. Koreans will head to the polls in June to elect a new government.
In North America, only March Pending Home Sales and the Dallas Fed Manufacturing Survey data for April will be released south of the border. Today should be relatively calm for the USDCAD pairing as we await this Wednesday’s Fed meeting and U.S. Jobs numbers on Friday. Have a great day! Rana Karim
Range of the day: 1.0980-1.1065
