EncoreFX’s daily market updates are written by our experienced and professional dealing team.
• The Canadian Dollar taps 1.3400 mark after the latest business outlook survey from the Bank of Canada fell to their lowest levels since the third quarter of 2016. Canadian Manufacturing Sales also edged down -0.2 percent in February, slightly worse than the market consensus for -0.1 percent.
• German ZEW Economic Sentiment showed improvement and rose to 3.1 in April, up from -3.6 last month. The positivity recorded by the ZEW indicator of Economic Sentiment is largely based on the hope that the global economic environment will develop less poorly than previously assumed coupled with the postponement of the Brexit deadline.
• The Chicago Fed. President Charles Evans said Federal Reserve could cut rates to support inflation if prices fall but that is not the most likely scenario. Evans further stated that he is comfortable with where rates are now, however would like to see inflation move up to give policymakers more flexibility.
• Japanese Economy Minister Toshimitsu Motegi said United States and Japan agreed to focus mainly on tariffs on goods such as agricultural and industrial products as they started negotiations for a bilateral trade agreement.
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