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Market Update

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

Canadian Core Retail Sales Declines | Fed Meeting Minutes Released

Published August 22, 2018
  • President Trump’s administration faces new obstacles as the conviction of Paul Manafort on eight counts of tax and bank fraud charges gives a boost to Special Counsel Robert Mueller’s investigation. Michael D. Cohen has indicated that he violated campaign-finance laws ahead of the 2016 election, at the direction of then-candidate Trump.
  • The minutes of the Federal Open Market Committee’s meeting three weeks ago will be published at 2 pm EST, with investors looking for indications about the likely track of interest rates for the rest of the year. Two hikes are already being priced in while futures contracts point to two more before year-end.
  • The Canadian dollar posted minor gains against the greenback, trading at 1.3016. Canadian retail sales data for June were within expectations. Core Retail Sales declined 0.1%, after a strong 1.4% gain in May. Retail Sales dropped 0.2%, compared to a gain of 2.0% a month earlier. This missed the estimate of -0.1%.
  • Oil prices ticked up this morning, boosted by signs of declining US petroleum inventories. Brent crude was up 1.5% to $73.70 a barrel on London’s Intercontinental Exchange. West Texas Intermediate futures gained 1.3% to $66.66 a barrel.