Baker Hughes US Total Rig Count comes in at 588, matching previous figure

The Baker Hughes US Total Rig Count was released today, showing 588 active oil and gas rigs in the United States. This figure matched the previous week’s count of 588. There was no consensus figure available for comparison.

Following the release, market reaction across most major USD pairs has been limited. One hour after the data, AUDUSD moved -3.0 pips, EURUSD moved -6.3 pips, and GBPUSD moved -7.1 pips. NZDUSD saw a -0.6 pip change, while USDCAD moved +4.0 pips, USDCHF +3.1 pips, and USDJPY -1.4 pips. Gold, XAUUSD, moved -102 pips. For most major currency pairs, these moves are smaller than their median 1-hour moves observed after past releases. For example, EURUSD typically sees a median 1-hour move of 4 pips, and GBPUSD a median of 6 pips. XAUUSD’s move of -102 pips is larger than its median 1-hour move of 17 pips.