A look at Monday’s market action
on Wednesday before pausing its historic monetary policy tightening cycle. Central bank officials signalled in December that they were nearing the end of their inflation-fighting campaign, in which they increased borrowing costs seven consecutive times last year.
South of the border, Microsoft, Tesla and IBM are among the big names delivering results through the week. The day range on Brent was US$86.92 to US$88.19 in the early premarket period. The range on West Texas Intermediate was US$81.05 to US$82.11.“Crude oil posted its second straight week of gains on Friday, as the Chinese reopening story and prospects of higher global demand, and around 1-million-barrels-per-day gap between supply and demand outweighed the recession fears,” Swissquote senior analyst Ipek Ozkardeskaya said.
Spot gold fell 0.2 per cent to US$1,922.58 per ounce by early Monday morning. It climbed to its highest since April 2022 on Friday. U.S. gold futures also eased 0.2 per cent to US$1,924.10.The Canadian dollar was stronger ahead of this week’s Bank of Canada rate decision while its U.S. counterpart slid against a basket of currencies.There were no major Canadian economic releases due on Monday with focus squarely on Wednesday morning’s interest rate announcement from the central bank.
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