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Daily Review 10.10.2016
 

Mexican Peso, Canadian Dollar rises before U.S. Presidential Debate

The Mexican Peso and Canadian dollar advanced ahead of a meticulously-watched U.S. presidential debate.

The Mexican peso rose about 1.6 percent versus the U.S. dollar to 18.9950 MXN=D2.

The Canadian dollar edged up around 0.4 percent to C$1.3247 to the U.S. dollar.

Moves among major currency pairs were more restrained.

Sterling was steady at $1.2434 GBP=D4, taking a break from its “flash crash” in Asian trade when it suddenly dropped to a 31-year low of $1.1491.

The dollar fostered losses suffered on Friday after U.S. nonfarm payrolls data for September was weaker than expected.

Against the six major currencies, the dollar last traded at 96.512 .DXY, retreating from Friday’s two-month high of 97.188.

The dollar edged up 0.2 percent to 103.05 yen JPY= after falling 1 percent of Friday and remained below a one-month high of 104.17 yen set on Thursday.

Oil prices falls as doubts over output cut from non-OPEC producers rises.

Oil prices fell more than 1 percent on Monday over doubts that an OPEC-lead plan to cut output to curb in a protruding global fuel supply would be supported by other producers, including Russia.

Brent crude oil futures LCOc1 were trading at $51.34 per barrel, down 0.59 cents or 1.1 percent from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 57 cents or 1.1 percent at $49.24 a barrel.

Traders said prices were also under pressure from a risen U.S. rig count which indicated that American oil producers are willing to increase production again at price levels around $50 per barrel.

Despite the weaker prices, slightly higher prices are expected for the rest of the year and into 2017 as said by analysts.

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