img CDN
img AUS
img NZ
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.

Mass Shooting in Vegas to Test Trump’s Leadership

Published October 2, 2017
  • The worst mass shooting in U.S. history took place in Las Vegas on Sunday night. More than 50 were killed and there are more than 400 more people hospitalized. A local resident open fired onto 22,000 plus people attending a concert from the 32nd floor of the Mandalay Bay Hotel
  • Last week was particularly volatile for the Canadian dollar. Comments from BOC Governor Stephen Poloz are pointing to slower monetary tightening than initially anticipated. The disappointing GDP data released on Friday also supports this sentiment. The Canadian economic data this week includes the August Trade Deficit on Thursday and the September Employment report on Friday
  • Several U.S. Federal Reserve members will be speaking this week including Kaplan today at 2pm EST and Fed Chair Janet Yellen on Wednesday afternoon. U.S. job data will be released on Friday morning and readings above expectations generally prove favourable to the U.S. dollar and would increase the probability of a key rate increase by the Federal Reserve as early as December
  • The greenback surged this morning as U.S. Treasury yields hit their highest level since mid-July. Speculation that President Trump might choose former Fed Governor Kevin Warsh, who is considered more hawkish than Yellen, to replace her as head of the central bank also boosted the dollar. The Catalan elections and terror events also played into the dollar’s surge
  • Spanish borrowing costs rose and stocks fell as a violent police crackdown on an independence vote in Catalonia rattled investors. The Euro fell as much as 0.7% to $1.1733, though traders said the Catalan referendum had only a limited impact on the single currency. The Euro has since clawed back slightly.  Catalan officials said 90% of voters in Sunday’s ballot favoured secession, raising the possibility of a unilateral declaration of independence in the wealthy region