EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Canadian Trade Deficit Widens | Fed Officials Speak
Published October 5, 2017
The trade deficit in Canada widened to $3.4 billion in August when forecasts led investors to believe that the deficit would have narrowed to $2.6 billion from $3.04 billion in July. This, combined with positive unemployment claims out of the U.S. caused the USD/CAD to run above 1.25
Federal Reserve Governor Jerome Powell, New York Fed President William Dudley, Dallas Fed chief Robert Kaplan and Philadelphia Fed President Patrick Harker are all scheduled to speak today. Powell has been in the spotlight recently, as he and former governor Kevin Warsh have both been interviewed at the White House as candidates to replace current Fed Chair Janet Yellen in February. Both appear to be serious candidates with Powell being seen as more dovish than Warsh, who has criticized the Fed’s bond-buying program in the past
The regional government of Catalonia announced on Wednesday that they will declare independence from Spain on Monday, adding to tensions in the region. Spain’s King Felipe VI accused Catalan secessionist leaders of shattering democratic principles and dividing Catalan society. Pressure continues to be felt on the Euro and on Spanish stocks because of this tension
Crude oil prices are up today after Russian President Vladimir Putin said that a pledge by OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018 rather than expiring in March. Brent Crude is up over 1.50% on the day currently trading above 56.60 and WTI Crude is up over 1.15% on the day currently trading above 50.50
Tomorrow is a big day as far as economic releases go with Canadian and American employment numbers released at 8:30am EST highlighted by American Non-Farm Employment Change