Futures Market News
Oil gains drive loonie against greenback
Apr 24, 2012 02:08 PM
Drivers include increased inflation and fervent economic development, the news source reported. Growth is projected to spur the nation's central bank to ponder the feasibility of hiking interest rates higher. The loonie is barreling toward gains of 0.9 percent for the month of April against the world's reserve currency.
"We still have the positive-rate story," European currency strategy head Geoff Kendrick with Nomura Holdings in London told the news source. "We've gone marginally off the tail-risk-type story. There's still news about that, but really the more big-picture driver is likely to be growth this year."
At 12:06 p.m. on Tuesday, crude oil futures dropped 0.46 percent, a 55 cent loss to $118.16 per barrel.
Tuesday's climb for the energy commodity, which is the top export of natural-resources-rich Canada, was increased optimism in the market for Europe during its experience with the sovereign debt crisis, according to MarketWatch. Data about U.S. inventories of the energy commodity is expected to be released later this week.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: The Future of Natural Gas in the U.S.
Are you interested in the Energy futures market? Sign up and receive our detailed report today!
Through our exclusive research, you will have access to current global events and price projections that may help you learn how this particular market has the potential to be a strong investment as a commodity.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.