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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Canadian Building Permits Disappoint; Market Reacts to Fed Meeting Minutes

Published April 6, 2017
  • The number of new Canadian building permits month-on-month shrank by 2.5% versus an expected growth of 1.4%; the stat was driven by a slowdown in construction plans for single-family homes, government buildings and elementary schools
  • US unemployment claims came in better than expected at 234,000 versus a predicted 258,000; the US dollar is steady against the Canadian dollar this morning as the pair is pulled by stronger oil prices and a hawkish Federal Reserve
  • The Fed’s meeting minutes from the March 14-15 showed that the Fed is moving towards an early start on unwinding its $4.5 trillion balance sheet meant for QE and other monetary policy tools
  • The next Federal Reserve meeting is scheduled for May 2-3; several Fed officials are still in agreement that two more gradual rate hikes would be appropriate for 2017
  • European Central Bank President Mario Draghi reiterated the bank’s persistent dovish tone in stating that there is no need to deviate from the current monetary policy path; the euro zone will continue to be supported by record-low interest rates and bond purchases by the ECB
  • President Donald Trump is set to host Chinese Leader Xi Jinping at the Mar-a-Logo club in Florida today; main talking points for the summit will include differences over North Korea, trade and currencies