Oil prices are down for the third day in a row on mounting concerns that the delta variant could hamper global economic recovery in top consuming countries and cut fuel demand. Adding to the mixed economic picture, this morning one measure of employment for July in the US came in at half the expected levels. Oil fell further on the report, with prices now down close to 7% for the week. Equities also fell on the missed employment number but they are coming off fresh highs from yesterday so the move was relatively immaterial. The July employment report in Canada is expected on Friday. USD to CAD is little changed at 1.255 (CAD to USD at 0.797). The pressure on the Canadian dollar from declining oil prices is being offset by signals from the Fed (buttressed by mixed US economic data like today’s employment report) that US monetary policy will remain accommodative for a long time in order to support of a seemingly uneven recovery.
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