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Market Update

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

Dollar Gains on FOMC Minutes | Euro Zone PMI Day

Published August 23, 2018
  • The Federal Open Market Committee published their most recent meeting minutes yesterday, indicating that policy makers at the bank are willing to raise rates again so long as the US economy remains healthy. The dollar is trading higher this morning against most majors as the central bank seems determined to stay the course.
  • Euro zone growth remained robust, with IHS Markit’s Composite Index of Manufacturing and Services increasing to 54.4 from 54.3 in July. Composite PMI for Germany was at its highest reading in six months, 55.7. France’s economy also showed signs of renewed strength, with composite PMI rising to a four month high of 55.1.
  • Last night at midnight (EDT), the US and China imposed previously anticipated tariffs on $16 billion of each other’s goods as delegations from both sides met in Washington. China said it would file a complaint with the World Trade Organization over America’s actions.
  • NAFTA is facing further setbacks, with the Trump Administration planning penalization of automaker production outside of America. The US has been pushing for cars that don’t meet the requisite thresholds to be subject to a 25% tariff.