November 30, 2016. The CAD is the strongest. The JPY is the weakest.

The headlines that OPEC is said to be close to a deal to cut supply by 1.4 to 2.0 million barrels, has pushed the CAD higher and to the top of the ranks as the strongest currency of the major currencies. Bringing up the rear is the JPY. WTI Crude has spiked by $3.05 or 6.75% to $48.31 on the news.

Looking at the ranges and changes for the day, most of the JPY pairs are trading near the 22 day average trading ranges (and nears highs for the day as NA traders enter). The CAD pairs are also trading with more volatility. The EURUSD lags with only a 48 pip trading range for the day - well below it's 22 day average of near 100.

In other markets, the snapshot shows:

  • Crude oil +$3.05 or 6.75%
  • Spot Gold -$4.71 or -0.40% to $1183.40
  • European stocks are higher: Dax +0.16%, Cac +0.64%, Euro Stoxx +0.89%, Ibex +0.11%
  • US 10 year yield is up 5 basis points to 2.3395%. 2 year yield is up 3 BP to 1.119%. The USD is higher vs. most currencies with the exception of the CAD (NZS is near unchanged).
  • European 10 year yields: Germany unchanged, France unchanged, UK unchanged, Italy +3.8 BP, Spain +4 BP.

On the calendar:

  • ADP employment expected to rise by 170K vs 147K last month
  • US personal income (est +0.4%) and Personal Spending +0.5%
  • Canada GDP MoM +0.1%, YoY +1.8% estimate. Quarterly 3Q GDP annualized at 3.4%
  • US PCE deflator YoY 1.5%, Core PCE 0.1%, MoM, and 1.7% YoY
  • Canada Raw Material Prices +3.5%, Industrial product prices +0.6%
  • US Chicago PMI (at 9:45 PM ET), 52.1 est vs 50.6 last
  • US Pending home sales MoM +0.3% est. vs 1.5% last
  • Crude oil inventories at 10:30 AM ET
  • German Buba Pres. Weidmann speaks
  • FOMC's Powell speaks at 11:45 AM
  • OPEC (all day)
  • Feds Beige book at 2 PM ET/1900/GMT