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Market Update

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

Global Markets Deepen Risk-Off Sentiment; Oil Prices Fall on Inventory Data

Published May 18, 2017
  • Donald Trump faces fresh allegations in what is an already tumultuous week for the new president; new sources cite that Michael Flynn and other advisers in Trump’s campaign had contact with Russian officials in at least 18 calls and emails during the 2016 presidential campaign
  • The Dow Jones Index dropped by over 370 points yesterday as markets continued to reel under the ongoing political uncertainty in the US; Trump’s recent controversies have led to the largest selloff in US stocks since his election in November 2016
  • The US Dollar Index moved to its lowest level in almost a year as the greenback extended losses against the Japanese yen and Swiss franc
  • Gold prices moved higher and investors continue a “flight to safety” as the market deepens its risk-off sentiment
  • The Canadian dollar however remains weak against its American counterpart after the decrease in US oil inventories came in below expectations; oil prices have fallen more than 1% this morning  
  • US unemployment claims came in at 232,000 versus an expected 240,000
  • The total value of Canadian securities purchased by foreign investors came in at 15.12 billion versus an expected 17.23 billion
  • US Treasury Secretary Steven Mnuchin is set to speak at 10:00 AM EST before the Senate Banking Committee; Mnuchin will testify on the rollback of the Dodd-Frank financial regulations