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Market Update

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

Oil Prices Move Higher as Gasoline Stocks Drop; Canadian Manufacturing Sales Rise

Published July 19, 2017
  • Canadian manufacturing sales showed a month-on-month growth rate of 1.1% versus expectations of 0.8%; increases in the motor vehicle and motor vehicle parts sectors helped contribute to this strong rise
  • US building permits also beat expectations with an addition of new 1.254 million building permits versus expectations of 1.200 million; US housing starts showed similar gains with 1.22 million starts versus an expected 1.16 million
  • Oil prices remain mixed this morning as investors wait for data on US crude stockpiles from the US Energy Information Administration at 10:30 AM EST; reports of increased production from Libya and Nigeria continue to add to global oil oversupply
  • Yesterday’s reading on oil inventories from the American Petroleum Institute showed that US stockpiles rose by 1.6 million barrels versus expectations of a decrease of 3.5 million barrels
  • A surprise drop in gasoline stocks in yesterday’s report however is making it difficult to for investors to take a bearish approach on oil; the API report showed that gasoline stocks fell by 5.4 million barrels as
  • The Euro is under pressure this morning after ECB policymaker Francois Villeroy de Galhau made unexpectedly dovish comments on the Eurozone in stating “accommodative policy was still necessary”