Oil is trading close to its one month high, $58.58 USD, currently, it’s $58.36 USD a barrel. This is on news that U.S. President Donald Trump on Tuesday said the United States was in the “final throes” in its attempt to reach a trade deal with China, but that at the same time Washington stands with protesters in Hong Kong, where it wants to see democracy.
The pound sold off after a second opinion poll showed the Conservative Party’s lead is narrowing before the British election next month. Prime Minister Boris Johnson’s Conservatives have held an often double-digit lead over the opposition Labour Party in the polls for weeks. Hopes that a Johnson victory would end over three years of uncertainty over Brexit have lifted the pound, despite concern about any no-deal exit from the European Union.
The Canadian dollar is bit better on higher oil and on the CN Rail, Teamsters strike settlement. Normal rail operations will resume nationwide at 6 a.m. local time on Wednesday, according to a release from the Teamsters. The deal must still be ratified by union members, Teamsters said. Had the strike continued, the impact to the Canadian economy would have been very severe and in some cases permanent, Canadian farmers were worried about losing global market share should they be unable to deliver their goods.