USD has slipped back to start the new week in what looks like a normal trading correction as markets digest Friday’s massive non-farm payrolls rally. This pullback has enabled gold to stabilize, but the main beneficiary so far today has been crude oil. WTI and Brent have both been soaring ona combination of USD pressure weakening and supportive comments out of OPEC. OPEC Secretary General Al-Badri indicated in a speech that OPEC expects the oil market to move back into balance on a combination of lower non-OPEC supply and improving demand. Oil sensitive currencies like CAD and NOK have been running in the middle of the pack on this development so far, similar to gains posted by EUR, while AUD and NZD have been strong performers. Stock markets have been mixed overnight. China’s forex holdings started to increase again, another sign that the summer crisis has ended. Asia Pacific trading was mixed with the Nikkei gaining as JPY continued to decline. Soft China trade figures, particularly big declines in imports dragged on markets in China and Australia today. With EUR on the rebound, stocks in Germany and elsewhere have been backsliding, with US indices also looking toward a lower open. Canada’s market could be mixed today. Oil-weighted Norway is one of the strongest indices out there today, which bodes well for energy stocks, but the China trade related declines in Australia could impact other resource areas. Corporate News Ensign Energy Services ($0.22) vs street $0.03, sales $324M vs street $348M, lowest utilization levels for Canadian oilfield services industry in 25 years Economic News Significant announcements released overnight include: OECD GDP forecasts World 2015 cut to 2.9% from 3.0% 2016 cut to 3.3% from 3.6% US 2015 raised to 2.4% from 2.0% 2016 cut to 2.5% from 2.6% China 2015 raised to 6.8% from 6.7% 2016 steady at 6.5% Japan 2015 cut to 0.6% from 0.7% 2016 cut to 1.0% from 1.2% Eurozone 2015 cut to 1.5% from 1.6% 2016 cut to 1.8% from 1.9% China trade balance $61.6B vs street $60.9B China exports (6.9%) vs street (3.7%) China imports (18.8%) vs street (15.8%) China forex reserves 3.526T vs previous 3.515T Japan real wages 0.5% vs previous 0.1% Germany trade balance €19.4B vs street €20.0B Upcoming significant announcements include: 8:15 am EST Canada housing starts street 200K CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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