Crude Oil Gains Over 5%, US, UK & Eurozone CPI’s to be Released

Weekly Report - 10/04/2016

Oil Prices Back Near a 6-Day High

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Erasing the losses from the previous day, WTI crude oil prices posted a strong rally on Friday, gaining over 5.0% on the day. Crude oil futures for May delivery closed at $39.63.

Weekly Review

Last week saw the release of the minutes from the US Federal Reserve and the European Central Bank monetary policy meetings which took place in March. While Fed members felt that policy should remain unchanged on growing risks of inflation failing to rise, in Europe, ECB officials were unanimous in their view of acting strongly which saw the ECB cut interest rates as well as expand the QE bond purchases. EURUSD saw modest moves over the week and a brief attempt to test the high of 1.145 but various ECB officials came out strongly dovish sending the single currency weaker.

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The Week Ahead

The week ahead will see central bank meetings which include the Bank of England and Canada. No changes are expected in the meetings, especially from the Bank of Canada. For Canada, economic data has been mixed but nothing considered negative enough that would warrant further rate cuts from the BoC. In the UK, with Brexit still being the main theme, the Bank of England is likely to stay on the sidelines.

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