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Market Update

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

Greenback Surges on Economic Data

Published March 15, 2018
  • The US dollar spiked after this morning’s release of weekly jobless claims and the Empire State and Philly Fed manufacturing indices. The greenback crossed the 1.30 mark, which seems to be a psychological barrier, and it is holding steady above that.
  • Trump’s new NEC director Larry Kudlow supports the proposed tariffs against China, which are expected to be in the $60B – $100B range. The proposed tariffs are intended to reduce the US trade deficit.
  • This morning, Mexico’s Minister of the Economy stated that Mexico and Canada should prepare to continue with a version of NAFTA that does not include the United States. We have yet to hear a response to that statement from anyone in the US or at home.
  • The White House announced this morning that it is seeking to make last year’s personal income tax cuts permanent.
  • Oil prices are up on expectations for growth in global demand for oil, even though supplies are expected to grow at an even faster rate. WTI crude is up 0.26% to $61.12 with Brent crude up 0.22% to $65.03 at the time of writing.