U.S. stock markets ended the session yesterday at record levels further to the announcement of impressive earnings from major corporations such as McDonald’s (NYSE:MCD) and Caterpillar (NYSE:CAT), which saw their shares skyrocket. The jubilance was enhanced by the announcement that U.S. Consumer Confidence had risen in July.
Crude oil (WTI) continued its trend, closing out the day yesterday up 3.3%. The gain brought on by the agreement between OPEC member nations was amplified by signs of slowing U.S. output.
U.S. oil producer Anadarko (NYSE:APC) reported higher-than-expected quarterly losses and stated that it would reduce its capital spending by USD $300 million for 2017. This confirms comments from Halliburton (NYSE:HAL) earlier this week that U.S. producers were slowing their activities.
Despite an eventful day on markets yesterday, the USD/CAD pair traded within a tight range of only 52 points. This shows that markets remain vigilant as we await the outcome of the U.S. Federal Reserve meeting at 2 p.m. today. We will also be keeping an eye on U.S. Crude Oil Inventories at 10:30 this morning.
Yusuf Kocagozli