Market News

The Canadian loonie slumped against the U.S. Dollar Tuesday as oil prices fell following the announcement of an oil deal between Russia and some members of the Organization of the Petroleum Exporting Countries (OPEC).

Four major oil producing countries--Qatar, Saudi Arabia, Russia and Venezuela-- agreed Tuesday to lead an effort to freeze oil output at January levels but held back from announcing a cut in production of the crude.

The Japanese Yen and the common currency Euro both made headway against the US Dollar after demand for higher risk assets dissipated.

The rally continued Tuesday in major Asian markets but analysts are still uncertain that this is the end of the volatility that has rocked stock markets since the beginning of 2016.

China's currency hit its strongest level this year after the PBOC guided it sharply up Monday against a wave of uncertain global financial markets.

The coming week ahead is likely to be livelier than last week, as there is more key economic data due. Get the economic and political calendar for the popular currencies for the week of February 15, 2016 here.

Global and local markets continued their stormy conditions last week with Federal Reserve Chair Janet Yellen’s speech before Congress standing out among the rest.

Bank of Japan Governor Haruhiko Kuroda met with Prime Minister Shinzo Abe Friday and discussed global economic and market developments.

Demand for the Japanese Yen was significantly higher during the Asian trading session which helped push the currency up 2% versus the greenback.

Federal Reserve Chairwoman Janet Yellen voiced uncertainty about future interest rate hikes citing legal issues that required additional clarity before calling for rate changes.

The US Dollar Index remained near to a multi-month low versus a weighted basket of peers as traders await the outcome of today’s Federal Reserve Bank policy meeting.

The loonie remained stable Tuesday despite a tumble in oil prices and reported some gains after the Canadian and U.S. bond yield spreads narrowed due to the softness of the USD which was being sold off in exchange for investors looking for safety and moving into the EUR, CHF and JPY.

The Euro continues to underperform despite the recent demand as a carry trade currency.

The dollar fell briefly to 114.22 against the yen during Tuesday's Asian session before bouncing back above the 115 level.

After Friday’s labor report from the US, the greenback today is once again under some pressure.