Uncertainty in key market drivers

The three key drivers in North American markets at the moment are oil prices, US dollar weakness and mixed economic data. The oil price has stayed higher for longer than most people had anticipated and is hovering stubbornly above $50, damaging investor sentiment. To date, this has been positive for energy stocks but we are starting to see inventory levels rising and growing concern over the economic impact of higher energy costs. In the currency markets, the dollar is still weak and we expect it to drift lower. That is good news for US multinational companies that derive a lot of th...