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Market Update

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

Markets Improve on Trump’s Trade and Tax Comments

Published February 13, 2017
  • Asian and European equity markets pushed higher as recent actions by President Trump helped ease concerns regarding trade issues between the US and its Asian trading partners
  • US stock market futures are set to open at a higher level this morning as they continue pace to break record highs; investors are betting that President Trump’s tax reform plans will increase economic growth and corporate profits
  • Canadian Prime Minister Justin Trudeau will meet with President Trump on Monday morning; Trudeau is likely to be focused on preserving Canada’s trade status with the US
  • The European Commission raised growth and inflation forecasts for the euro zone; the commission did note, however, exceptional risks from Brexit, upcoming European elections, and President Trump
  • Oil moved lower this morning despite an official report from OPEC indicating that the cartel had registered 93% compliance in their agreement to cut oil production
  • Investors still remain concerned that US oil production could counter effects of the cut; OPEC noted in the report that US oil output could rise by 800,000 barrels per day from 2016 to 2017
  • The Baker Hughes US oil rig count showed that the number of rigs drilling for oil in the US increased by 8 last week, marking the 14th weekly gain in 15 weeks
  • There is little Canadian economic data of note this week, the USD/CAD pair will take direction from a large amount of US data to be released later this week

Chart (1) High Importance USD and EUR Data for February 13 – February 16