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Canadian dollar gives back some of last week's rally as oil dips - Reuters News

Canadian dollar gives back some of last week's rally as oil dips - Reuters News

Canadian dollar gives back some of last week's rally as oil dips - Reuters News

Canadian dollar falls 0.3% against the greenback

Loonie trades in a range of 1.2287 to 1.2340

Price of U.S. oil falls 0.5%

Canadian bond yields ease across a flatter curve

TORONTO, June 28 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Monday as investors weighed rising coronavirus cases in Australia and Asia, with the currency giving back some of last week's advance.

Global shares .WORLD and oil, one of Canada's major exports, edged lower as Sydney plunged into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned. (Full Story)

U.S. crude oil futures CLc1 fell 0.5% to $73.71 a barrel, while the Canadian dollar CAD= was trading 0.3% lower at 1.2334 to the greenback, or 81.08 U.S. cents. The currency traded in a range of 1.2287 to 1.2340.

Last week, the loonie advanced 1.4% as investors grew less worried about the recent hawkish shift from the Federal Reserve.

Still, speculators have cut their bullish bets on the Canadian dollar for a third week, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of June 22, net long positions had fallen to 43,225 contracts from 44,254 in the prior week.

Canada's GDP report for April is due on Tuesday which could offer clues on the strength of the economy. Investors are also awaiting U.S. payrolls data and an OPEC+ meeting later in the week.

Canadian government bond yields were lower across a flatter curve, tracking the move in U.S. Treasuries. The 10-year CA10YT=RR eased 2.8 basis points to 1.431%.

Oil slips after hitting highest since 2018 before OPEC+ talks - Reuters News

OPEC and allied producers set to meet on July 1

OPEC+ may hike output in August, analysts say

Oil prices climbed for five weeks in a row

By Bozorgmehr Sharafedin

LONDON, June 28 (Reuters) - Oil prices slipped on Monday after hitting more than 2-1/2 year highs earlier in the session, as a spike in COVID-19 cases in Asia put a brake on their rally before this week's OPEC+ meeting.

Brent LCOc1 was down 33 cents, or 0.4%, at $75.85 a barrel at 1326 GMT, after climbing to $76.60, its highest since October 2018. U.S. crude CLc1 was 27 cents, or 0.4%, lower at $73.78 a barrel.

But analysts said the rally had not yet run out of steam.

"With sentiment running high, market watchers say crude prices are likely to keep rising ... Vaccination rollouts and strong summer demand make for a potent bullish cocktail," said Stephen Brennock of oil broker PVM.

Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during the northern hemisphere summer, while crude supplies were tight as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, maintained production cuts.

OPEC+ is gradually easing those curbs, adding 2.1 million barrels per day (bpd) to the market from May to July. OPEC+, which meets on July 1, could decide to add further barrels in August as oil prices rise with recovering demand. (Full Story)

OPEC's forecasts point to an oil supply deficit in August and in the rest of 2021 as economies recover from the pandemic, suggesting OPEC+ has room to raise output. (Full Story)

ANZ and ING expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.

Rising COVID-19 infections in Asia have however put a modest dampener on the outlook. Indonesia is battling record-high cases, Malaysia is set to extend a lockdown and Thailand has announced new restrictions. (Full Story) (Full Story) (Full Story)

Australia also reported on Sunday one of the highest numbers of locally acquired coronavirus cases this year, triggering lockdowns in some cities. (Full Story)

Iran and the United States are expected to resume indirect talks on reviving a pact over Tehran's nuclear work.

Agreement could lead to a lifting of U.S. sanctions and more Iranian crude on the market. But tensions rose after U.S. air strikes on Sunday against Iran-backed militias in Iraq and Syria. (Full Story) (Full Story)

"We do not currently expect Iranian exports to return anytime soon, in other words, so OPEC+ should have free rein at its meeting," said Commerzbank analyst Eugen Weinberg.

German May Import prices +1.7% m/m, +11.8% y/y - Reuters News

June 28 (Reuters) - Germany's Federal Statistics Office reported the following economic indicator on Monday DEIMPY=ECI, DEIMP=ECI:

GERMAN IMPORT PRICES (Pct change)

May 2021

Apr 2021

May 2020

Month-on-month

+1.7

+1.4

+0.3

Year-on-year

+11.8

+10.3

-7.0

Index (basis 2010)

106.8

105.0

95.5

 

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