Loading…
The Canadian dollar was little changed on Thursday as lower oil prices offset a dovish signal from the US Federal Reserve on the pace of rate hikes. The US dollar fell to a three-month low against major currencies after Fed minutes.
Oil was down 0.7% at $77.41 a barrel amid debate over a proposed G7 cap on Russian oil.
A slower Fed pace weakens the dollar, which tends to support dollar-priced commodities, while the G7 Russian oil cap adds uncertainty to energy supply. The net effect on feed prices is modest.
brecorder.comReutersNov 24, 2022After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
