Bad German and French economic news dragged not only oil but also equities. West Texas Intermediate futures fell as much as 2.2 percent Friday morning, while U.S. treasury yield curve for 3-month and 10-year yields inverted for the first time since the financial crisis in 2007, a move widely seen as a reliable harbinger of recession in the U.S. WTI for May delivery was down $1.19 to $58.79 a barrel on the New York Mercantile Exchange at 10:02 a.m. local time.
The Canadian dollar followed suit on oil, touching 1.3427, the pound rallied on the basis if it does leave the ECU its impact won’t be as severe as first thought.
Currently Close Range
USDCAD 1.3415 1.3364 1.3352-1.3427
EURCAD 1.5132 1.5199 1.5106-1.5215
GBPCAD 1.7703 1.7518 1.7498-1.7708
CA: Consumer Price Index February M/M 0.1% 0.7%
Y/Y 1.4% 1.5%
Retail Sales January M/M -0.1% -0.3%
Y/Y 1.5% 1.1%
US: Existing Homes Sales February Level 4.93M 5.51M