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Market Update

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

Canadian Housing Permit Growth Disappoints; Oil Prices Continue to Languish

Published June 7, 2017
  • Month-on-month growth for Canadian building permits shrank by -0.2% versus high growth expectations of 2.4%; USD/CAD remains in the mid 1.3400’s this morning ahead of tomorrow’s speech from Bank of Canada Governor Stephen Poloz
  • Date on crude oil inventories from the US Energy Information Administration is set to be released at 10:30 AM EST
  • Oil prices have further lost value this morning; investors have been taking profit as prices settle in a higher position for the first time in three days
  • Comments from Kuwaiti Oil Minister Essam al-Marzouq and Russian Energy Minister Alexander Novak offered support to oil prices by assuring that the recent diplomatic strife in Qatar would not jeopardize the supply cut agreement
  • Political analysts are expecting former FBI chief James Comey to limit direct accusations against US President Donald Trump during tomorrow’s testimony before the Senate Intelligence Committee
  • An anonymous source shared that Comey does not feel its within his role to charge Donald Trump with the impeachable offense of obstruction of justice; global markets, however, remain mixed ahead of tomorrow’s triple risk-event day which includes the UK election, an ECB meeting, and the Comey testimony
  • Britons will vote throughout the day tomorrow with the last poll closing at 5:00 PM EST; the market is largely predicting a win for incumbent Prime Minister Theresa May, however, there are concerns of the Labour Party winning enough seats to create a hung parliament
  • The euro is down ahead of tomorrow’s European Central Bank meeting after reports surfaced indicating that the ECB would cut inflation targets for the next three years; these reports fuel speculation that ECB President Mario Draghi will maintain a dovish tone during tomorrow’s meeting