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Market Update

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

Market Awaits US GDP Data; Loonie Moves with Oil Prices

Published March 30, 2017
  • Quarter-on-quarter US GDP growth and US unemployment data is set to be simultaneously released today at 8:30 AM EST; investors will look for further clues on the health of the US economy to gauge hopes of further interest rate hikes
  • US Transportation Secretary Elaine Chao said the Trump administration would unveil a $1 trillion infrastructure plan later this year; Chao’s comments from yesterday offered the most detailed timetable and allocation plans so far about Trump’s infrastructure spending ambitions
  • Republican House Representatives that opposed Trump’s reform of Obamacare vowed to avoid tensions and seek common ground on Trump’s attempts to overhaul US tax codes; lower taxes and increased infrastructure spending are set to boost an already strong US economy
  • Canadian data releases today include prices of goods sold by manufacturers and prices of raw materials purchased by manufacturers; for now, however, the major force behind the increased value of the loonie is better oil prices
  • Oil prices rose yesterday after a data release from the US Energy Information Administration showed a lower than expected number of US oil stockpiles; unused inventories rose only by 0.867 million barrels versus an anticipated 1.357 million barrels
  • WTI Oil rose above $49 for the first time in nine days amid US supply draw downs and Libyan oil production disruptions; armed factions in two of Libya’s oil fields have caused production to fall to nearly 1/3 of capacity