Market News & Analysis


Market Brief: Oil and Poloz Push USD/CAD Back Below 1.33


View our guide on how to interpret the FX Dashboard.

  • Trade headlines dominated markets today:
    • The WSJ reported China has invited the US to another round of talks around a “phase one” trade deal, while the US is reportedly considering delaying the scheduled December 15th tariffs regardless of whether there’s a deal or not.
    • Meanwhile, Beijing is closely watching the status of the US bill supporting Hong Kong protestors.
    • Separately, the USMCA trade deal is nearing completion, with some lawmakers still expressing optimism that it could be signed later this year.
    • Finally, Politico reported that the White House is considering a trade investigation into EU automobiles.
  • FX: The Canadian dollar was the day’s strongest major currency, bolstered by less dovish comments from BOC Governor Poloz and rising oil prices. The New Zealand dollar was the day’s weakest currency.
  • Commodities: Oil tacked on another 2% to trade at a nearly 2-month high today, while gold slipped less than -1%.
 
  • US indices closed moderately lower on the day following a late fade.
  • Energy (XLE) was the strongest major sector for the second straight day. REITs (XLRE) brought up the rear.
  • Stocks on the move:
    • Broker Charles Schwab (SCHW, +7%) is reportedly looking to buy TD Ameritrade (AMTD, +17%).
    • Macy’s (M) shed -2% after the department store missed analysts’ sales estimates and lower full-year guidance.
    • General Motors (GM) ticked -2% lower on an announcement that the company would have to recall over 600k trucks.

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.