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Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

Ilya Spivak, Head Strategist, APAC

Talking Points:

The Canadian Dollar and the Norwegian Krone outperformed in overnight trade, bolstered surging crude oil prices. The WTI benchmark shot up to the highest level in 17 months after a number of large non-OPEC producers agreed to participate in an OPEC-led output cut scheme at a meeting over the weekend.

The British Pound edged narrowly higher as UK Chancellor of the Exchequer Philip Hammond prepares to testify about last month’s Autumn Statement budget update before a House of Commons committee. The likely severity of any Brexit-linked slowdown and the fiscal help on offer to counter it will be in focus.

Sterling’s gains presumably imply that investors foresee a boost in government spending as likely to reduce the scope for further easing on the monetary side of the equation. Mr Hammond will surely try to put on a brave face. The degree to which this looks convincing may test such this rosy outlook.

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Asia Session

GMTCCYEVENTACTEXPPREV
19:30NZDREINZ House Sales (YoY) (NOV)-6.0%--14.2%
21:45NZDNet Migration SA (OCT)6240-6340
23:50JPYMachine Orders (MoM) (OCT)4.1%1.1%-3.3%
23:50JPYMachine Orders (YoY) (OCT)-5.6%-4.9%4.3%
23:50JPYPPI (MoM) (NOV)0.4%0.3%-0.1%
23:50JPYPPI (YoY) (NOV)-2.2%-2.3%-2.7%
0:01GBPRightmove House Prices (MoM) (DEC)-2.1%--1.1%
0:01GBPRightmove House Prices (YoY) (DEC)3.4%-4.5%
0:30AUDCredit Card Purchases (OCT)A$25.6b-A$25.3b
0:30AUDCredit Card Balances (OCT)A$51.4b-A$51.4b
4:30JPYTertiary Industry Index (MoM) (OCT)0.3%-0.1%
6:00JPYMachine Tool Orders (YoY) (NOV P)--8.9%

European Session

GMTCCYEVENTEXPPREVIMPACT
9:00CHFTotal Sight Deposits -527.5bLow
9:00CHFDomestic Sight Deposits -457.6bLow
11:15GBPUK’s Hammond Questioned on Autumn Statement--Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EUR/USD1.03761.04751.05181.05741.06171.06731.0772
GBP/USD1.24461.25141.25431.25821.26111.26501.2718

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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