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Market Update

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

Oil Fuels CAD Strength with USD Lower Ahead of Fed Rate Decision

Published June 12, 2017
  • The Canadian dollar has gained ground against its US counterpart; USD/CAD down in late trading as upbeat domestic jobs data fueled expectations that the Bank of Canada could raise interest rates sooner than anticipated
  • The dollar has eased today ahead of the FOMC rate decision on Wednesday; the market odds of a June rate hike currently stand at 91.8%
  • A weak run of US inflation data has investors backing off bets that the Federal Reserve will meet its target of 3 interest rate hikes this year
  • The British pound has edged lower; British Prime Minister Theresa May will work to convince lawmakers from her Conservative Party that she should remain as leader
  • The euro was firm above $1.12 after the ECB last week lowered its inflation forecasts and tweaked its forward guidance
  • Oil prices pushed higher in North American trading on Monday after swinging between small gains and losses overnight; investors returned to the market to seek cheap valuations in the wake of recent losses
  • US stock futures point to a lower open on Wall Street this morning, with the technology sector on track for a second straight session of heavy losses
  • Global stock markets are in the red; sentiment took a hit following a slide in US technology shares late on Friday