West Texas Intermediate crude is on pace to settle above $60 a barrel, the first time since the early days of the coronavirus pandemic. According to CNBC, the oil rally was caused by rise in demand for power and fuel due to cold weather in some parts of the U.S that also threatened production. WTI crude futures rose 67 cents or 1.1% to $60.14 a barrel on Monday morning … [Read more...] about Oil Peaks to a Pandemic High Amid Freezing Weather Impacts on Demand and Production
Forex News
Canadian Housing Starts Records Increases in January
Canadian housing starts in January 2021 was 244,963 units, up from 238,747 units in December 2020, according to the Canada Mortgage and Housing Corporation press release. Both single and multi-family housing starts rebounded strongly in January from declines in December. Single-family starts were strong in Montréal, reaching their highest level since February … [Read more...] about Canadian Housing Starts Records Increases in January
U.K Reports Worst Economic Contraction in More than 300 Years
U.K economy slumped by 9.9% in 2020, the worst contraction in more than 300 years, according to the Office for National Statistics press release. The economy avoided slipping into recession at the end of last year as GDP grew 1% between October and December. In December, Britain's economy grew by 1.2%, up from a 2.3% slump in November.Despite the U.K economy looking to be on … [Read more...] about U.K Reports Worst Economic Contraction in More than 300 Years
Norway GDP Emerges Stronger than Expected, Prompts Possible Early Rate Hikes
Mainland gross domestic product, which adjusts for Norway’s offshore industry rose by 1.9% in the fourth quarter, according to Statistics Norway press release. Q4 GDP was more than expected 1.3% expansion rate. Norway’s FY20 GDP contracted by 2.5%, much less that predicted 3.5%. Norway’s FY20 GDP was also much stronger than the Eurozone economy which shrank by almost … [Read more...] about Norway GDP Emerges Stronger than Expected, Prompts Possible Early Rate Hikes
USD/MXN Pressured By High Crude Oil And US Stimulus
The USD/MXN pair downward trend has continued in the past few days as investors focus on the recent prices of crude oil and higher inflation in Mexico. On Wednesday, the pair was trading at 20.07, which is slightly higher than the year-to-date low of 19.5520. Higher crude oil prices Mexico is a relatively major oil producer, exporting more than 1.2 million barrels every … [Read more...] about USD/MXN Pressured By High Crude Oil And US Stimulus
