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Market Update

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

Loonie Hovers Near 3-Month Highs | Oil Up on Lower US Shale Production

Published December 29, 2017
  • The US dollar is holding steady this morning close to 3-month lows. The greenback is on track to be down close to 10% in 2017. The USD softness is a function of numerous factors, though some analysts are suggesting the recent losses are due to market participants taking money off the table after the tax overhaul was officially signed into law
  • Oil prices are up to start today’s session after a larger than expected decline in US inventories and, perhaps more importantly, a decrease in US shale production. US shale production has been a hot button topic for some time, as it has been largely offsetting OPEC production cuts which were put in place in an attempt to curb a global supply glut. WTI crude is up 0.25% to $59.99 with Brent crude up 0.26% to $66.33 at the time of writing
  • There is nothing of note on the data calendar today
  • Happy New Year, and all the best in 2018!