Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Stock Markets Take Advantage Of Crude Oil Rally

Published 12/16/2015, 08:52 AM
Updated 07/09/2023, 06:31 AM

Stock markets took advantage of the crude oil rally to end Tuesday in the green for the second day in a row. With no fundamental news, recent demand for crude oil appears to be coming from speculators taking profits on short positions. The CAD has been relatively stable as we await the outcome of the FOMC meeting and the rate announcement at 2 p.m. today. The likelihood of a rate hike is now estimated at 79%.

Canadian Manufacturing Sales posted by Statistics Canada yesterday saw a 1.1% decline, led by a major downturn of 5.7% in the Energy sector. Despite these disappointing results, Bank of Canada Governor Stephen Poloz repeated that Canadian GDP should grow 1.5% over the fourth quarter of 2015, picking up to 2% in 2016.

Among the U.S. indicators announced today are Industrial Production and Housing Starts, while Canadian inflation data will be released at 8:30. Have a great day!

FX Daily Update

Economic News to Watch Today

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.