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.

New Development in Trump FBI Controversy Rattles Markets; Data on Oil Inventories Out Today

Published May 17, 2017
  • The US dollar remains under pressure this morning over news that US President Donald Trump has asked former FBI director James Comey to cease investigations into Trump’s former national security advisor Michael Flynn
  • The US Dollar Index has now shed all gains it made after Trump’s presidential election win over Hilary Clinton in November
  • Trump’s request to Comey spurs concerns that the president may have obstruction of justice charges laid against him, which could lead to speculation over impeachment
  • The price of gold moved higher overnight, reaching its highest level in two weeks as the market shifts towards a risk-off sentiment
  • US stocks pointed to a lower open as investors worry that this recent political turmoil will bring Trump’s economic reform agenda to a standstill
  • Odds for an interest rate hike in June 2017 have also slipped as the market is becoming less convinced that the Federal Reserve will be able to accomplish two more rate hikes this year; odds for a rate hike in June now stand at 69.2%, compared to a chance of over 80% seen in prior weeks
  • Oil prices are up slightly today, however, they remain volatile after data from the American Petroleum Institute showed a surprise increase in US oil inventories; the US government’s Energy Information Administration is set to release its weekly data at 10:30 AM
  • Canadian month-on-month manufacturing sales came in at 1%; the previous month’s data was revised downwards to a rate of -0.6%