Baker Hughes US Oil Rig Count comes in at 451

The Baker Hughes US Oil Rig Count was released today, showing 451 active oil rigs. This figure marks an increase from the previous count of 450. No consensus figure was available for this release.

Following the release, the US Dollar showed varied reactions across major pairs. AUDUSD rose 9.1 pips one hour after the print, while EURUSD gained 16 pips and GBPUSD advanced 18 pips. NZDUSD also moved higher by 8.0 pips. Against the Canadian Dollar and Swiss Franc, the US Dollar weakened, with USDCAD falling 11 pips and USDCHF declining 9.5 pips. USDJPY saw a significant drop of 85 pips, and XAUUSD gained 98 pips. The 1-hour moves for AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCHF, USDJPY, and XAUUSD were all larger than their respective top-quarter historical moves. The USDCAD move of 11 pips was above its median historical move of 6 pips, approaching its top-quarter threshold of 12 pips.