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Market Update

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

Conflicting Signals; All Eyes on BoC

Published April 18, 2018
  • At 10:00am EST the Bank of Canada is expected to hold rates unchanged. The central bank will also release quarterly forecasts along with the decision. The odds of a rate hike in May are closer to 50% as the rate of expansion remains faster than the rate of potential growth, which is currently forecast at 1.6%. Expectations for limited strengthening in the loonie remains the consensus for the long term.
  • CIA Director Mike Pompeo met Kim Jong Un ahead of the Trump summit. The visit is seen as a strong indication that a meeting between the two leaders could produce a deal on future relations.
  • UK consumer prices rose 2.5% for the year ended in March, below economists expectations. The pound dropped after the data was released.
  • The euro zone missed inflation targets of 1.4% and was revised down to 1.3%, core inflation remained unchanged at 1%.
  • Gains in West Texas Intermediate for May delivery increased prices to $67.66 this morning, as geopolitical tensions continue to drive the rally. This comes amid signs of decreased US inventories, according to industry wide reports recently released.