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Oil prices fell slightly on Thursday due to pressure from rising output in Nigeria and concerns over the global economic outlook after Britain voted to leave the European Union (EU) last week.
According to analysts from Goldman Sachs, recovering Nigerian supply could create additional downward pressure on oil prices. Specifically – Nigerian production has risen to about 1.9 million barrels per day from 1.6 million as pipelines in the Delta region were restored and additional protection from new attacks is deployed, said the state oil company on Monday.
Brent crude oil was down 0.23% to $50.86 per barrel after having risen in the two previous sessions. Comparitively, WTI crude witnessed a 0.6% fall, down to $49.66 per barrel. The slump in oil prices has weighed on commodity-linked currencies like the Canadian dollar.
The Canadian Gross Domestic Product (GDP) was released this morning, with a reading meeting the expectation of a 0.1% rise in April, recovering from the contraction of 0.2% the month before. This latest data also marked the first increase in over three months.
The US dollar dropped for the third consecutive day against major currencies, extending the losses from the beginning of the year, as investors estimated that the Federal Reserve is more likely to cut interest rates rather than raise them in the upcoming meetings. This is due to the fact that the Brexit referendum results last week have raised worries among investors about global economic growth, and a potential recession caused by the Brexit.
The Department of Labor on Thursday also announced that there were 268,000 Americans filing for jobless insurance in the past week – a little higher than forecast. The reading for the previous period was at 258,000 people.
The dollar index, measuring the greenback’s strength versus the basket of major currencies, lost 0.08% compared with the last settlement to trade at 95.58
Investors are waiting for the speech of FOMC member Bullard, for more clues on the US economic outlook and monetary policy. Bullard speaks at the Society of Business Economists Annual Dinner in London later tonight.
Fig. USDCAD D1 Technical Chart
On the last day of June, the Loonie is inching down slightly, leading the pair USDCAD to trim its recent losses from the resistance level of 1.31253 attempted earlier this week. The price is currently lingering around the area of the 23.6% level of the Fibonacci retracement. The 100-day MA is crossing over the price chart which may put the market under pressure. Some declines are expected, after a period of consolidation.
Buy Digital Put Option from 1.29382 to 1.28323 valid until 20:00 June 30, 2016