Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 118.585 in July, down 0.94% m/m, steadily decreasing for the second month. This index value is down 3.45% on a year on year (y/y) basis. Month over month, we saw the Brazilian real, the Canadian dollar, the Indian rupee, the Mexican peso, and the South Korean won strengthen vs. the USD in July.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending July 28th was 121 oil and 72 gas (totaling 193). In percentage terms, on a month on month (m/m) basis, oil rigs were up 11.0% and gas up 24.1%. On a year on year (y/y) comparison, rigs were down 11.7% for oil and up 7.5% for gas. The combined figure for y/y was -5.4% or -11 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending July 28th was 529 oil and 128 gas (totaling 657). In percentage terms, on a month on month (m/m) basis, oil rigs were down 2.9% and gas was up 3.2% On a year on year (y/y) comparison, rigs were down 12.6% for oil and down 18.5% for gas. The combined figure for y/y was -13.4%, or -103 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in June 2023 increased 4.7% (m/m) to $302.4M, following the 2.0% increase in May. The always-volatile nondefense aircraft orders, up 31.7% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.1% in June 2023 (seasonally adjusted), following the 0.4% decrease in May. The index for final demand goods remained flat in June, after decreasing 1.6 percent in May, while the index for final demand services moved up 0.2%. Within the index for final demand goods in June, prices for gasoline rose 3.4 percent.

Crude Oil & Natural Gas Pricing: June’s average West Texas Intermediate (WTI) crude oil price per barrel decreased 2% month on month (m/m). The WTI is down 39% year on year (y/y), coming in at $70.25 / barrel in June 2023 vs. $114.84 / barrel in June 2022.