Baker Hughes US Oil Rig Count Rises to 454

The Baker Hughes US Oil Rig Count was released today, showing 454 active oil rigs. This figure marks an increase from the previous count of 451. No consensus figure was available for this release.

Following the release, market reactions were generally subdued across major currency pairs compared to their typical moves. One hour after the data, AUDUSD was up 1.5 pips, EURUSD rose 2.0 pips, and NZDUSD gained 2.5 pips. These moves are smaller than their respective median 1-hour moves of 3 pips for AUDUSD, 4 pips for EURUSD, and 4 pips for NZDUSD after past releases. GBPUSD moved down 1.1 pips, while its median 1-hour move is 6 pips. USDCAD was up 3.0 pips, less than its median 6 pips. USDCHF saw no change, and USDJPY was up 3.3 pips, compared to its median 4 pips. Gold, XAUUSD, saw a more notable move, rising 101 pips, significantly above its median 1-hour move of 15 pips.