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Market Update

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

Greenback Continues Slide Ahead of Yellen’s Last FOMC Meeting; Oil Prices Dip

Published January 31, 2018
  • There wasn’t much in the way of fireworks last night as Trump’s State of the Union speech didn’t have much impact on the currency markets. His positive outlook on the state of the American economy was not enough to halt the sliding dollar.
  • The greenback came under some renewed selling pressure today, sliding lower against a basket of the other majors ahead of the interest rate decision this afternoon as well as a handful of other economic data.  The Federal Reserve is expected to keep the interest rate in a range between 1.25%-1.50%. The central bank will release its post-meeting statement as investors look for any change in language which could point more clearly to a rate hike in the months ahead.
  • Canadian GDP numbers for the month of November came out in line with analysts’ expectations of 0.4%.
  • Crude prices fell today, extending losses into a third session. After markets closed yesterday, the American Petroleum Institute said that US oil inventories rose by nearly 3.2 million barrels last week, compared to analysts expectations for a more modest increase of around 0.1 million barrels.