The dollar bulls will certainly want to see a bigger-than-expected rise in the average hourly earnings index. But at 0.3% m/m, expectations are running high and as such the scope for disappointment is there. Meanwhile Canadian employment figures are expected to have risen last month at a slower pace of 13,000 compared to last month’s 45,300 figure.
Crude oil prices turned lower as the long-time oil bull, formally known as the "oil god,” threw in the towel on his largest Astenbeck Capital Management LLC commodity fund. Not only did he close the fund, he shook his bullish followers with a blasphemous statement that oil may be stuck around $50 a barrel or lower, I guess, forever. Yet, is this former oil deity, who has been brought back down to mere mortal status, getting out when it is really time to get in?
There is something good going on in the global economy and that is translating to higher demand and higher prices for oil. While short sighted and economically challenged people always think the lower price for energy the better, fail to grasp the realities of global trade and the real economics of production. With U.S. gas demand at a record and global demand on the rise, it reflects good economic times to come.