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Market Update

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

Market Moves Past US Healthcare Bill; Oil Gains on Cut Extension Rumours

Published March 28, 2017
  • The US dollar steadied this morning after falling to 4 month lows since last Friday; stock futures for the Dow Jones Industrial Average are poised to break an eight-day losing streak
  • Investors moved past the disappointment of US President Donald Trump’s setback on healthcare reform and now look to Trump’s next steps with tax reforms; hopes around the White House’s prioritization along with strong US economic data have help shed worries about Trump’s effectiveness
  • The greenback also found support after speeches from Dallas Fed President Robert Kaplan and Chicago Fed Chief Charles Evans hinted at the prospect of further rises in US interest rates
  • Bank of Canada Governor Stephen Poloz is set to speak at 10:10 AM EST today in Oshawa, Ontario; Poloz is likely to speak on the recent better than expected Canadian job numbers
  • Any hints at a rate hike from Poloz is largely unexpected as data from Friday showed tame inflation for the Canadian economy; this speech will mark the Governor’s first public speech since last week’s federal budget release
  • Oil prices moved higher this morning on supply disruption in Libya and recent comments from OPEC officials regarding a supply cut extension; Iran Oil Minister Bijan Zanganeh hinted that the group would be likely to extend the deal