After a relatively calm day yesterday, markets are waking up this morning, thanks to a surge in crude oil (Brent), which is up more than 1.5%. These gains stem from the announced closure of the Forties Pipeline in the North Sea after a hairline crack was discovered. Based on the initial analysis, repairs could take up to three weeks. As a result, the greenback is under slight pressure this morning, particularly against the loonie, and European stock markets are rising.
Today at 2 p.m., we’ll be listening to European Central Bank President Mario Draghi give a speech in Germany. Although the ECB’s key rate decision is officially scheduled for Thursday morning, Draghi’s ability to surprise should not be overlooked. It should be noted that in addition to Germany, the French economic outlook is improving with quarterly gross domestic product growth of 0.5%.
In addition, we will monitor the Producer Price Index of November for our neighbours south of the border.
Stéphane Goulet
Range of the day: 1.2760 – 1.2870