img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

Market Update

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

Market Awaits Comments from Yellen, Senior Fed Officials on March Rate Hike

Published March 3, 2017
  • USD/CAD continued to rise yesterday, breaking the psychologically important 1.3400 resistance level; the pair is currently stalled at this level as the market awaits further comments on US interest rates 
  • Market participants are all looking to Janet Yellen as she speaks on the economy today at 1:00 PM EST; several Fed speakers have already voiced hawkish comments and likelihoods of a March rate hike
  • The US dollar will also react to speeches from Chicago Fed President Charles Evans, Richmond Fed Chief Jeffrey Lacker, Fed Governor Jerome Powell and Fed Vice Chair Stanley Fischer throughout the day
  • Senior Fed officials are unlikely to overtly contradict their peers’ hawkish comments from this week; however, market sentiment will move according to Yellen’s comments on a March rate hike before the Fed enters a blackout period leading up to the March 14-15 meeting
  • The US ISM Non-Manufacturing Purchasing Manager Index is set to be released at 10:00 AM EST today; interest rate decisions, however, will be finalized after next week’s data on US job growth and unemployment data
  • Oil recovered slightly this morning after three straight days of declines; market awaits further data on US oil drilling activity in today’s rig count