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Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

Canadian Dollar, Norwegian Krone Follow Crude Oil Prices Higher

2016-12-12 03:09:00
Ilya Spivak, Head Strategist, APAC
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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

GMT

CCY

EVENT

ACT

EXP

PREV

19:30

NZD

REINZ House Sales (YoY) (NOV)

-6.0%

-

-14.2%

21:45

NZD

Net Migration SA (OCT)

6240

-

6340

23:50

JPY

Machine Orders (MoM) (OCT)

4.1%

1.1%

-3.3%

23:50

JPY

Machine Orders (YoY) (OCT)

-5.6%

-4.9%

4.3%

23:50

JPY

PPI (MoM) (NOV)

0.4%

0.3%

-0.1%

23:50

JPY

PPI (YoY) (NOV)

-2.2%

-2.3%

-2.7%

0:01

GBP

Rightmove House Prices (MoM) (DEC)

-2.1%

-

-1.1%

0:01

GBP

Rightmove House Prices (YoY) (DEC)

3.4%

-

4.5%

0:30

AUD

Credit Card Purchases (OCT)

A$25.6b

-

A$25.3b

0:30

AUD

Credit Card Balances (OCT)

A$51.4b

-

A$51.4b

4:30

JPY

Tertiary Industry Index (MoM) (OCT)

0.3%

-0.1%

6:00

JPY

Machine Tool Orders (YoY) (NOV P)

-

-8.9%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

9:00

CHF

Total Sight Deposits

-

527.5b

Low

9:00

CHF

Domestic Sight Deposits

-

457.6b

Low

11:15

GBP

UK’s Hammond Questioned on Autumn Statement

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0376

1.0475

1.0518

1.0574

1.0617

1.0673

1.0772

GBP/USD

1.2446

1.2514

1.2543

1.2582

1.2611

1.2650

1.2718

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

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