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US dollar strengthens on Mid-East tensions, oil doesn’t really move

By MoneyWay | Jun 14, 2019

While the U.S. dollar has strengthened against most currencies, Canada included, based on the increasing tensions between Iran the U.S., oil prices are relatively stable. The U.S. has become self-sufficient in oil production and no longer relies on foreign imports thereby keeping U.S. prices in check. Also, traders believe demand for oil continues to drop as China’s economy weakens and other countries within that region also have their economies slowing down.

The Canadian Real Estate Association is upgrading its forecast for 2019 home sales, which are now expected to show a slight improvement compared with last year. The association said home sales are projected to edge up 1.2 per cent from last year to 463,000 units in 2019 compared with its previous forecast of a decline of 1.6 per cent this year. The updated outlook came as CREA reported home sales in May were up 6.7 per cent compared with a year ago, the largest year-over-year increase since 2016.

Currently             Close                     Range

USDCAD               1.3390                   1.3327                   1.3324-1.3388

EURCAD               1.5017                   1.5027                   1.4984-1.5057

GBPCAD               1.6870                   1.6890                   1.6831-1.6921

                                                                                                Prior                      Actual

US:         Retail Sales May M/M                                    0.3%                      0.5%

                Industrial Production May                            -0.4%                     0.4%

                Manufacturing M/M                                       -0.5%                     0.2%

                Capacity Utiliazation Level                           77.9%                    78.1%

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