1. USD/CAD Headed For Yearly High
In the wake of FED and ECB monetary announcements, EUR has plunged while the USD continues to rally against the majors. With four rate hikes being on the agenda of the Federal Reserve this year and a budding trade war with the U.S., the Loonie is no longer able to hold its value against the Greenback. Specifically, USDCAD was trading 0.3% higher as of 6:40 GMT this morning and is currently headed for a 2018 high.*
2. Euro Tanks After Draghi’s Dovish Guidance
The single currency marked its biggest drop since June 2016 after the European Central Bank announced yesterday that it planned to keep interest rates unchanged until 2019 as well as extending its QE purchasing to year-end. The ECB Governing Council revealed on Thursday that it intends to maintain its ultra-loose policy for as long as necessary to maintain favourable liquidity conditions. The Governing Council expects the key ECB interest rates to remain at their present levels at least through 2018. The EURUSD tumbled by a jaw dropping 3 cents late on Thursday and was last seen trading at 1.1565 as of 6:30 GMT, Friday morning.**
3. Oil Prices Hold Onto Gains Ahead Of OPEC Meeting
Oil prices stabilized in early Friday trade after noting a massive rally on Thursday. Investors will now be looking at a key OPEC meeting in Vienna, on June 22. OPEC and a group of non-OPEC producers, including Russia, are currently adhering to a deal struck in November 2016 to curb oil production in a bid to support prices. Oil traders will now be waiting to see what the world’s most powerful oil producer Saudi Arabia will have to say at this all to important OPEC meeting and what will be the final verdict on OPEC’s course of action moving forward. USOIL added as much as 25 cents on Thursday and is was last seen trading at $66.94 as of 6:50 GMT, Friday.***
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*Source: FX Leaders 14/6/2018
**Source: FXStreet 15/6/2018 01:35 GMT
***Source: CNBC 15/6/2018 05:35 GMT
