EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Canadian Jobs Data Disappoints; Paul Ryan Sets May 17 Deadline for NAFTA
Published May 11, 2018
Data on Canadian Employment Change showed a net loss for the change in the number of employed people for the month of April 2018; most losses were brought on by declines in part-time jobs, while the number of full-time jobs grew. The Canadian unemployment rate came in at 5.8 percent as expected.
USD/CAD remains in the mid 1.2700’s as the market continues to weigh this week’s tepid US inflation data.
US Speaker of the House Paul Ryan has set May 17 as the deadline for a new NAFTA deal. Ryan noted that a resolution this month would give the current congress enough time to easily pass a new bill regarding NAFTA before mid-term elections in November.
US President Donald Trump has revealed that he will meet North Korean Leader Kim Jong-un in Singapore on June 12. Asian and US stocks moved higher as chances for greater stability in the Korean peninsula abated risk sentiment for local investors.
Oil prices remain mixed this morning after a strong week of gains; WTI is on track to post a gain of around 2.2 percent while Brent will look to lock in a gain of 3.2 percent.
Baker Hughes will release weekly data on the number of US based active oil rigs. While this number has grown as oil prices moved higher, US producers are now facing capacity issues as delays in current pipelines and local transportation methods are holding back further supply increases.