Weekly Economic Update

For the week of July 18 to 22

iStock_000010139178_LargeU.S. stock index futures rose, erasing losses triggered by the failed military coup in Turkey to overthrow the government of President Recep Tayyip Erdogan. The rebound is another example of resilience for U.S. equities, following UK’s Brexit referendum vote, which have rallied for three consecutive weeks.

For the first time since 2010, Canada was the top destination for US investors in foreign exchange traded funds through the first half of the year. The iShares MSCI Canada exchange traded fund saw $768.1 million in net inflows in the year to June 30, due to resurgence in raw-materials prices from crude to gold, according to data compiled by Bloomberg.

No major economic data releases today, but one of the first post-referendum European data, UK and Euro Area flash PMIs for July, comes out on Friday. First post-referendum ECB policy meeting will also take place on Thursday.

WTI crude oil is currently trading at $45.72/bbl, down 0.50% from Friday’s close of $45.95/bbl. Crude oil was little changed following a failed coup as oil is flowing unhindered through Turkey’s pipelines and waterways, one of world’s largest energy trading corridors. Oil futures rose as much as 1.9% on Friday after the coup began. Canadian dollar is currently trading at $1.2945 against USD, up from yesterday’s close of 1.2974, today’s expected range is $1.2896 – $1.2955.

Source: Bloomberg

Posted by Concentra Financial Markets

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