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The pound-Canadian dollar rate rose as Canada's November GDP grew 0.1%, beating expectations, but the loonie failed to benefit. Oil prices fell sharply amid coronavirus fears that the WHO has now declared a global emergency.
Oil and commodity-currency weakness from virus-driven demand fears signals softer energy prices and weaker commodity-linked currencies.
poundsterlinglive.comJames SkinnerJan 31, 2020After 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.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
Oil fell sharply on Jan 31 after WHO declared a global emergency, a sentiment shock at the start of the window.
