- European session review: CAD strengthens against most major rivals as oil climbs 10%
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European session review: CAD strengthens against most major rivals as oil climbs 10%
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Nationwide house price index | March | 0.3% | -0.1% | 0.8% |
| 06:00 | United Kingdom | Nationwide house price index, y/y | March | 2.3% | 2% | 3% |
| 06:30 | Switzerland | Consumer Price Index (MoM) | March | 0.1% | 0.1% | 0.1% |
| 06:30 | Switzerland | Consumer Price Index (YoY) | March | -0.1% | -0.5% | -0.5% |
| 09:00 | Eurozone | Producer Price Index, MoM | February | 0.2% | -0.2% | -0.6% |
| 09:00 | Eurozone | Producer Price Index (YoY) | February | -0.7% | -0.7% | -1.3% |
CAD appreciated against most other major currencies in the European session on Thursday, supported by a 10% rebound in oil prices. The loonie rose against USD, EUR, JPY, and CHF, but it fell against GBP and AUD. The Canadian dollar is heavily dependent on the dynamics of the price of crude oil, one of Canada's key exports.
The U.S. West Texas Intermediate (WTI) crude futures climbed 10% on Thursday after the U.S. President Donald Trump said that he expected that Saudi Arabia and Russia could end their oil price war soon.
Speaking at a White House news conference on Wednesday, Trump said that he had talked recently with both countries' leaders and believed the nations would strike a deal to end their price war within a "few days".
"It's very bad for Russia, it's very bad for Saudi Arabia. I mean, it's very bad for both. I think they're going to make a deal", the U.S. president said.
Market participants also continued to assess the latest news on the coronavirus. According to data, compiled by Johns Hopkins University, the total number of global cases now stands at 951,901. With 9,731 confirmed coronavirus cases, Canada is ranked 15th in the list of the countries with confirmed COVID-19 cases.
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