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Market Update

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

Fed Decision Day; Euro-Area Growing Pains

Published May 2, 2018
  • Federal Reserve policy makers will release the latest monetary decision at 2 pm EST today; the outcome of the meeting should be uneventful. With no change in policy expected, focus will be on modifications to the statement language. Attention is on the Fed’s outlook for inflation which has recently hit the 2.00% target.
  • Special Prosecutor Robert Mueller has recently stated that he has the legal authority to subpoena President Trump before a grand jury, if the president refuses to be interviewed formally.
  • Euro-area growth continues to be the main issue for the ECB as figures released this morning demonstrate the euro zone has slowed to 0.4% in Q1, down from 0.7% previously. Easing momentum may lead to easing pressure on decision makers at the ECB to wane down monetary stimulus.
  • Bank of Canada Governor Poloz said he expects the nation’s household debt levels to persist for years, leaving the economy sensitive to interest rate increases in a speech made Tuesday. Poloz went on to say that the central bank has plans on how to incorporate oversized household debt levels into future rate-hike deliberations.