Loonie declines after forecast-missing data
The Canadian dollar fell against most major rivals following forecast-missing data.
Canada’s GDP grew 0.2% in December according to government data, below estimates of 0.3%.
On trading, the CAD/USD pair fell 0.2% as of 20:38 GMT to 0.6914.
Aussie
The Australian dollar fell 0.6% as of 20:38 GMT against the US dollar to 0.6198.
US Dollar
The dollar index rose 0.4% as of 20:29 GMT to 107.6, with a session-high at 107.6, and a low at 107.1.
US personal spending rose 2.5% y/y in January, slowing down from 2.6% in December.
US President Donald Trump announced on the Truth Social platform plans to impose 25% tariffs on Mexican and Canadian imports starting in early March.
Wall Street climbs but still approaches monthly losses
US stock indices rose on Friday as investors assess latest data, which showed a slowdown in US inflation.
US personal spending rose 2.5% y/y in January, slowing down from 2.6% in December.
US President Donald Trump announced on the Truth Social platform plans to impose 25% tariffs on Mexican and Canadian imports starting in early March.
On trading, Dow Jones rose 0.5% as of 15:47 GMT to 43481 points, while S&P 500 rose 0.5% to 5891 points, as NASDAQ climbed 0.5%, or 103 points to 18,634 points.
Oil prices on track for largest monthly loss since September on Trump's tariffs
Global oil prices fell in European trade on Friday, resuming losses and about to hit 11-week lows, and on track for the heftiest monthly loss since September 2024 amid mounting concerns about Trump’s tariffs and their impact on the global economy.
Prices are also pressured as Iraq prepares to resume crude exports from Kurdistan, which overshadowed a surprise drop in US crude stocks last week.
Prices
US crude fell 1.1% today to $69.2 a barrel, with a session-high at $70.145.
Brent fell 0.9% to $72.61 a barrel, with a session-high at $73.41.
On Thursday, US crude rose 1.9%, while Brent added 1.5%, marking the first profit in three days away from 11-week lows.
Oil prices also rose back then after fresh US sanctions on the Venezuelan oil industry, while US crude stocks fell unexpectedly.
Monthly Trades
Global oil prices are down 5.5% on average in February, on track for the first monthly loss in three months, and the heftiest since September.
Trump’s Tariffs
As Trump prepares to impose tariffs on Mexico and Canada, while threatening the EU and other countries with additional tariffs, inflationary concerns are mounting on the Federal Reserve, with interest rates likely remaining at current levels for an extended duration.
Trump’s tariffs could impact global growth according to economic analysts, which would weaken demand on oil.
Iraqi Supplies
Baghdad will soon announce a resumption of crude exports from the semi-autonomous Kurdistan region through the Turkish pipeline according to an official statement.
Iraq will export 185 thousand bpd through the line, with the amount increasing gradually.
Also Reuters reports that OPEC+ is considering an oil production hike in April as it continues to assess the status of global supplies with ongoing US sanctions on Venezuela, Iran, and Russia.
US Stocks
The Energy Information Administration reported a drawdown of 2.3 million barrels in US crude stocks to 430.2 million barrels, while analysts expected a build of 1.7 million barrels.
Gasoline stocks rose 0.4 million barrels to 248.3 million barrels, while distillate stocks rose 3.9 million barrels to 120.5 million barrels.
After plunging below $80,000: Bitcoin on track for heftiest monthly loss since 2022
Bitcoin tumbled over 7.5% on Friday and resumed the losses while piercing the important barrier of $80,000 and plumbing three-month lows, on track for the heftiest monthly loss since 2022 on risk aversion.
The crypto market is still tense amid a lack of positive stimuli, while US stocks continue to tumble on Wall Street, led by the tech sector.
Prices
Bitcoin tumbled over 7.5% at Bitstamp today to $78,018, the lowest since November 10, with a session-high at $84,798.
On Thursday, bitcoin rose 0.7%, the first profit in five days on quick short-covering.
Crypto Market Value
The market value of cryptocurrencies fell by $175 billion on Friday to a total of $2726 trillion, the lowest since November.
Monthly Trades
Bitcoin is down over 11% in February so far, on track for the largest monthly loss since June 2022.
Positive Stimulus
Bitcoin started the year with strong momentum, underpinned by US President Trump’s positive stance on the crypto industry, with traders expecting a more supportive and clear regulatory framework for the crypto market.
But the steam has gone out of the market since Trump’s executive crypto order in January, as it was more conservative than expected, especially when it comes to forming a strategic bitcoin reserve.
And with the lack of fresh new stimuli, the market is now waiting for more signals on the future of regulations and institutional demand directions, making prices more volatile in recent weeks.
Wall Street
US stock indices extended their heavy losses on Thursday amid mounting monetary policy uncertainty and global trade tensions.
S&P 500 fell 1.6% to six-week lows, while NASDAQ slumped 2.75% to three-month lows, led by the tech sector.