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Market Update

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

Canadian Dollar Improves on Positive Retail Sales; Oil Prices Move Lower before OPEC Meeting

Published July 21, 2017
  • Canadian month-on-month inflation numbers came in at -0.1% as expected, while year-on-year inflation rose to 1.0%; the shelter index with recreation, education indexes contributed heavily to the yearly figure
  • Canadian retail sales in May moved to 0.6% versus expectations of 0.2%; USD/CAD has moved down near yearly lows at 1.2550
  • Controversy regarding US President Donald Trump’s alleged collusion with Russia came into the fold again on news that the FBI is expanding its investigation into possible money laundering by Trump’s campaign team
  • Oil prices are down this morning ahead of the weekly US rig count and the meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee next week; reports are showing that Saudi Arabia is considering additional cuts, while OPEC is also considering removing exemptions for Nigeria and Libya
  • The Euro moved near two year highs against the US dollar this morning after European Central Bank President Mario Draghi offered insight into the ECB’s QE planning; Draghi noted that his team could begin discussions on tightening monetary policy in October 2017