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Market Update

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

Loonie Improves on Higher Oil Prices & Weaker USD; GBP Falls After Manchester Terror Attack

Published May 23, 2017
  • The British pound fell against the yen, euro and US dollar this morning after an explosion yesterday left 22 people dead and 59 injured at a concert in Manchester, England; Theresa May’s government has confirmed that they are treating the incident as a terrorist attack
  • Oil prices are hovering just below one month highs this morning as investors look towards US data from the American Petroleum Institute released at 4:30 PM EST today; US President Donald Trump’s proposal to sell half of America’s strategic oil reserves also lowered prices, due to worries of further over-supply
  • Growing expectations of a prolonged and deepened cut from OPEC and other oil producing nations have given oil prices a substantial lift in the past week; OPEC will meet on Thursday May 25 in Vienna to discuss final details on the oil supply cut extension
  • USD/CAD has fallen to near one-month lows, in part to higher oil prices but also related to general US dollar weakness due to continued controversy from Donald Trump
  • Canadian month-on-month on wholesale sales came in at 0.9% versus an expected 1.1%
  • Canadian investors eagerly look towards tomorrow's Bank of Canada meeting for any movement in USD/CAD caused by a shift in tone from governor Stephen Poloz
  • Data on US new home sales as well as manufacturing and services purchasing indexes are set to be released later today; investors will look for comments from FOMC officials speaking throughout the day