The National Bank of Canada Analysis

North American Data In Review By The National Bank of Canada - Dec 07, 2015

The most destabilizing news of the week was that the ECB decided to keep its key interest rate unchanged at 0.05% and maintain its quantitative easing program at €60 billion per month. The...

FX Daily Update By The National Bank of Canada - Dec 03, 2015

Bank of Canada maintains courseThe BoC kept its key rate unchanged at 0.5% yesterday and reiterated that “the economy continues to undergo a complex and lengthy adjustment to the decline in...

FX Daily Update By The National Bank of Canada - Dec 02, 2015

No inflation in EuropeNot surprisingly, we learned a little earlier this morning that eurozone inflation for November was virtually non-existent, with prices growing only 0.1% on an annualized basis....

FX Daily Update By The National Bank of Canada - Dec 01, 2015

IMF adds yuan to its listIn a decision that surprised no one, the International Monetary Fund’s executive board announced yesterday that China’s currency would join the basket of reserve...

Oil Gained 6% Last Week By The National Bank of Canada - Nov 30, 2015

Last week WTI crude managed to stay above $40/barrel, appreciating 6% over the course of the week. The number of active oil drilling platforms in the U.S., as published by Baker Hughes, fell once...

FX Daily Update By The National Bank of Canada - Nov 30, 2015

Kickoff to a busy weekThis week will be of crucial importance from a political and economic standpoint. To start things off this morning, representatives of some 175 countries are meeting in France to...

FX Daily Update By The National Bank of Canada - Nov 26, 2015

U.S. markets celebratingWe’re one step closer to a first U.S. key rate hike after yesterday’s lineup of economic indicators south of the border all produced positive readings. Durable...

Rising Geopolitical Tension Casts Shadow On U.S. GDP By The National Bank of Canada - Nov 25, 2015

Rising tensionsGeopolitics came to the forefront yesterday, casting a shadow over the highly respectable U.S. GDP results (+2.1%) posted earlier in the day. Fears of a conflict in the Middle East...

FX Daily Update By The National Bank of Canada - Nov 24, 2015

Pondering petroleumSaudi Arabia wasted no time yesterday reacting to comments from Venezuela, releasing yet another statement to the effect that OPEC members are prepared to cooperate to stabilize...

FX Daily Update By The National Bank of Canada - Nov 24, 2015

Greenback in the spotlight againOn Friday, we got an early look at our new Finance Minister, Bill Morneau and his take on the Canadian economy is far from rosy. Growth forecasts for this year and the...

Support Notwithstanding, Oil Still Wavers By The National Bank of Canada - Nov 23, 2015

At the beginning of last week, oil prices prices responded to the terrible events in Paris and the allied strikes on Daesh that followed, but the excitement was short-lived, with crude hovering...

Positive News From Fed By The National Bank of Canada - Nov 19, 2015

Yesterday was marked by the release of the minutes from the last FOMC meeting. They confirmed that a majority of Committee Members already had, as of last October, a relatively positive opinion...

FX Daily Update By The National Bank of Canada - Nov 18, 2015

Waiting for the December 16 FOMC DecisionToday we will be monitoring the minutes of the last Federal Open Market Committee meeting carefully. As you recall, after last October’s meeting,...

FX Daily Update: ECB Could Intervene Even More By The National Bank of Canada - Nov 17, 2015

The European Central Bank Could Intervene Even MoreThis morning there are new speculations afoot regarding a potential ramping up of the quantitative easing program in Europe, and they have driven...

Weekly Energy By The National Bank of Canada - Nov 17, 2015

This week will be recalled as a return to psychological levels of $40 per barrel as oil halted a 3 day decline following Saudi Arabia’s oil minister saying that global markets will be better...

FX Daily Update By The National Bank of Canada - Nov 16, 2015

Japan Slips Back Into RecessionFollowing the tragic events that took place in Paris on Friday, our thoughts are with the French people. This morning, Japanese GDP growth figures have revealed that the...

Where's Oil Heading? No One Knows By The National Bank of Canada - Nov 12, 2015

Early last week WTI was approaching US$48 per barrel, but the index’s day in the sun was short-lived and the clouds quickly moved in: WTI closed the week below US$45/barrel. A major strike by...