Oil prices are trying to offset the losses. However, the US dollar seems to be stronger. The Brent Crude Benchmark depreciated by almost 2% to the level of $51.85 per barrel. The fall in oil prices was triggered by a report from the Energy Information Administration that indicated another rise in crude oil inventories. Thus, the US storage facilities added 8,209,000 barrels. Shale oil is also trading lower. WTI dipped down to $49.09 per barrel. The commodity currencies are following the same downward trend.
Despite the fact that oil prices have recovered moderately, the Russian ruble took a nosedive at the start of trading, following yesterday's fall in crude quotes. Nevertheless, even rising oil prices cannot provide enough support to the Russian currency that is pressurized by domestic factors. After the inflation rate declined below 5%, expectations for a rate cut by the Bank of Russia in March have strengthened. Therefore, the greenback is likely to continue its uptrend towards the level of 59.
Moreover, the greenback has gained ground against its Canadian counterpart. The USD/CAD pair is trading at 1.3525 and is set to continue climbing. Analysts say that tomorrow the pair is likely to increase profits on the back of the jobs data from the United States. Further rise is expected next week given that the Federal Reserve hikes its rate.
© Prabhu for Forex Videos, 2017. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: Brent Crude oil, news, USD/CAD, USD/RUB, WTI Crude oil
Feed enhanced by Better Feed from Ozh