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The Canadian dollar gained against the US dollar as oil prices jumped to a two-year high ahead of an OPEC+ meeting. The US Dollar Index fell to 89.83, and EURUSD traded near 1.2229.
Sterling touched a three-year high against the dollar at 1.425.
A weaker dollar and firmer crude support commodity prices and can lift import costs for buyers outside the US. Expected OPEC+ supply increases remain the key swing factor for energy-linked feed costs.
ofx.comTuesdayMay 31, 2021After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 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.
Not enough comparable past events yet for a historical read.
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.
