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Market Update

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

Canadian Dollar Continues to Rise; USD Falters Ahead of FOMC

Published June 14, 2017
  • The Canadian dollar is up this morning as USD falls against other major currencies following the release of downbeat US economic reports
  • With the US Federal Reserve widely expected (96%) to raise interest rates by a quarter point to a range between 1.0%-1.25%, the focus will be on clues to the pace of further tightening in the months to come
  • All eyes are on Fed Chair Janet Yellen’s press conference, looking for clarity on whether the Fed is planning its next move for another rate hike or for a cycle of policy normalization
  • Oil prices moved lower today after yesterday’s release by the American Petroleum Institute (API); US oil inventories rose by 2.753 million barrels, above the 2.739 million barrel decline expected
  • Pound Sterling is down on the day after the UK released data showing unemployment remaining at a 42-year low; real wage increases continue to ease, widening the gap between earnings and inflation