Trump spoke with the Saudi king Trump wants two things: Sanctions on Iran and low oil prices. Unfortunately for him, those two things don’t go very well together. Fortunately, Saudi Arabia is Iran’s sworn enemy and may be willing to blow up OPEC and turn on the taps in order to keep in Trump’s favor.
CFTC commitment of traders highlights for the week ending June 26, 2018 The what this position change in the current week was in the Canadian dollar. Shorts in the loonie increased by 19K. This week saw the CAD strengthen at the end of the week after moving to lowest level since June 2017. That
FOXBusiness network interview. President Trump is saying on Fox business network that he is considering cutting the corporate tax rate 20%. He also adds:
Up $0.70 or 0.95% The price of crude oil futures are settling the at $74.15 which is up $0.70 or +0.95% on the day. A week ago, the price closed at $68.58. The gain of about $5.50 is a 8.2% change for the week.
Stern warning to Trump GM is warning the Trump administration that he could shrink US operations as a result of tariffs on imported vehicles and auto parts. “Increased import tariffs could lead to a smaller GM, reduced presence at home and abroad for this iconic American company, and risk less – not more – US…
Crude oil trading at $74.15 just before the release Rigs have now declined for the 2nd week in a row. U.S. crude oil inventories had a surprise 9.9 million drawdown in the week through June 22 (est was for 3.0M).
Chicago-area manufacturing survey for June 2018
Fox Business report Mnuchin said the report was an exaggeration.
Canada PPI data Energy prices rose in May.
Canadian GDP data for April 2018 There were no revisions to the prior data. Initially USD/CAD fell down to 1.3209 but has rebounded to 1.3230. The big surprise here was that manufacturing rose 0.8% in April despite soft manufacturing numbers in the month. Statistics Canada said much of the production ended up in inventories, so…