Oil price bounced as the market still follows the “US Job Data Trend” from last Friday

August 9, 2016

The market is still following the trend from the last Friday's "US Job Data", on the one hand the Oil Price bouncing to higher.

Oil price bounced as the market still follows the “US Job Data Trend” from last Friday

This article is originally referred from Traders Trust Daily Afternoon Report

The U.S. dollar trimmed gains against its Canadian counterpart on Tuesday, as oil prices bounced off session lows, although Friday’s upbeat U.S. jobs data continued to lend broad support to the greenback.

The commodity-related Canadian dollar found some support as oil prices regained some ground amid ongoing rumors of a potential agreement among exporters to freeze output.

Oil prices rallied to three-month highs on Monday following reports several OPEC members, including Venezuela, Ecuador and Kuwait, are now pushing for fresh talks on setting new limits for oil production this fall in an effort to stabilize the market.

However, market players remained uncertain whether the meeting would result in any concrete actions.

The greenback still remained broadly supported after upbeat U.S. nonfarm payrolls data boosted expectations for a rate hike by the Federal Reserve before the end of the year.

The Labor Department said on Friday that the U.S. economy added 255,000 jobs last month, well above expectations for 180,000.

Investors shrugged off preliminary data on Tuesday showing that U.S. nonfarm productivity dropped by 0.5% in the second quarter, disappointing expectations for a 0.4% rise, after a 0.6% slip in the three months to March.

Original Source: Traders Trust Daily Afternoon Report

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