EncoreFX’s daily market updates are written by our experienced and professional dealing team.
• Canada’s annual inflation rate rose to 1.9 percent on a yearly basis in March from 1.5 percent in February, however remained just below the Bank of Canada’s 2.0 percent target for the third successive month, Statistics Canada data indicated. The Canadian dollar rebounds and taps below 1.3300 levels briefly.
• Oil price continues to rise following a brief spell of consolidation, largely driven by the signs that China’s economy is stabilizing and data from the American Petroleum Institute released yesterday showed crude oil inventories down by 3.1 million barrels. WTI crude prices have hit a high of $64.61.
• The US trade deficit fell to $49.4 billion in February, the lowest level since June 2018 and well below what economists had expected. Meanwhile, Canada’s merchandise trade deficit narrowed slightly, from $3.1 billion in January to $2.9 billion in February, Statistics Canada reported.
• The UK Consumer Prices Index stood at 1.9 percent in March, unchanged from the previous month while missing the 2.0 percent forecast, the UK Office for National Statistics reported.
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