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Futures and Commodity Market News

USD/CAD Trading at $1.2656

Jul 17, 2017 (Baystreet.ca via COMTEX) --

The Canadian dollar remains elevated against its counterparts as investors continue to price in another rate hike from the Bank of Canada in the fall. The U.S. Dollar remains soft against its G10 counterparts after Friday's Consumer Price Index data showed that inflation is not a significant risk. The 1.6% reading was a miss and the market is questioning if the Federal Reserve will continue to tighten rates going into the last half of the year. Empire Manufacturing figures were well off expectations of 15 and the previous of 19.8; the reading of 9.8 shows that business conditions in the manufacturing sector are weak.

Experts expect a range today of $1.2698 to $1.2779

Euro-zone Consumer Price Index printed as expected on headline at 1.3% y/y and core at 1.1% y/y. Inflation reports are out that the battle is not over yet even though there have been rumours of changes in policy by the European Central Bank. The euro is currently trading at $1.4513 U.S.

Observers expect a range today of $1.4467 to $1.4562

There are no major fundamental release this morning, leaving the sterling to trade on broader sentiments. A bit of commotion is happening in the Cabinet with the U.K. Government "tearing itself apart" over details of Brexit, which is centred around Finance Minister Philip Hammond. Recent reports show that Brexit will pose a "real risk" to the cost, availability, and quality of food supplies to the U.K. The pound is currently trading at $1.6551.

Those in the know expect a range today of $1.6500 to $1.6611

The Australian dollar is holding onto its recent gains after last week's impressive surge. Today's upbeat Chinese data combined with firmer commodity prices, especially in copper, should keep the Aussie well supported. Chinese Q2 Gross Domestic Product and Industrial production released overnight were both better than forecast while copper is also up a modest 1.39% this morning. Focus now turns to Reserve Bank of Australia's Monetary Policy Meeting Minutes on Monday at 9:30 pm EDT.

Oil (WTI): $46.36 U.S. per barrel

Gold: $1,235.04 U.S. per ounce

Silver: $16.13 U.S. per ounce

Copper: $2.7304 U.S. per tonne

Dollar Index: 95.17

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News provided by COMTEX.

Lt Crude 47.91
Nat Gas 2.941
Corn 382 2/8
Cotton #2 68.83
Gold 1250.1
Copper 2.8425
Euro 1.16825
USD Index 93.895
SP500 E-mini 2476.75
DJIA E-mini 21586
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