Latest news with #UScurrency
Globe and Mail
7 days ago
- Business
- Globe and Mail
Canadian dollar outperforms eight G10 currencies as investors await BoC rate decision
The Canadian dollar edged lower against its U.S. counterpart on Tuesday but was performing better than all the other Group of 10 currencies, as oil prices rose and investors awaited a Bank of Canada interest rate decision this week. The loonie was trading 0.1 per cent lower at 1.3725 per U.S. dollar, or 72.86 U.S. cents, after trading in a range of 1.3702 to 1.3742. All the other G10 currencies posted bigger declines as the U.S. dollar clawed back some of its recent broad-based losses. 'With the BoC meeting ahead, investors are watching Governor (Tiff) Macklem for signals on rate cuts,' said Kevin Ford, FX & macro strategist at Convera. 'Sticky core inflation and an OK Q1 GDP have tempered expectations for further easing.' The Canadian central bank will hold its benchmark interest rate at 2.75 per cent on Wednesday as policymakers await further news on an economy that grew faster than expected last quarter, with at least two more cuts likely this year, according to a majority of economists in a Reuters poll. Overnight index swaps are pricing in a roughly 75 per cent chance the BoC stays sidelined on Wednesday. The central bank left rates on hold in April for the first time since its easing campaign began in June last year. The price of oil, one of Canada's major exports, rose as the war in Ukraine ramped up and Iran was set to reject a U.S. nuclear deal proposal. U.S. crude oil futures were trading 1.7 per cent higher at $63.58 a barrel. Wildfires burning in Canada's oil-producing province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7 per cent of the country's overall crude oil output, according to Reuters calculations. Canadian bond yields rose across a steeper curve, with the 10-year up 4.4 basis points at 3.270 per cent.
Zawya
23-05-2025
- Business
- Zawya
Oil falls on stronger US dollar, possibility of higher OPEC+ output
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2% on the week, and WTI was 2.7% lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply. (Reporting by Laila Kearney; Editing by Tom Hogue)
CNA
23-05-2025
- Business
- CNA
Oil falls on stronger US dollar, possibility of higher OPEC+ output
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2 per cent on the week, and WTI was 2.7 per cent lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.
Reuters
23-05-2025
- Business
- Reuters
Oil falls on stronger US dollar, possibility of higher OPEC+ output
May 23 (Reuters) - Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2% on the week, and WTI was 2.7% lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.
Yahoo
23-05-2025
- Business
- Yahoo
Oil falls on stronger US dollar, possibility of higher OPEC+ output
By Laila Kearney (Reuters) - Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2% on the week, and WTI was 2.7% lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
