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Market Update

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

Oil Prices Move to 5-Month Low; US Economy Adds More Jobs

Published May 5, 2017
  • US Non-Farm Employment Change showed the US economy added 211,000 jobs versus an expected 194,000; job gains occurred in leisure and hospitality, financial activities, and mining
  • The US unemployment rate came in at 4.4% versus an expected 4.6%; this level marks the lowest unemployment rate for the US economy since May 2007, signaling that the US labor market remains healthy  
  • FOMC Member Charles Evans, Eric Rosengren and James Bullard will speak at 1:30 PM EST in a joint panel discussion at Stanford University; FOMC Member John Williams will speak at 12:45 PM EST
  • Fed Chair Janet Yellen is set to speak at 1:30 PM EST today at Brown University; FOMC Member Stanley Fischer will also speak at 11:30 AM EST; analysts will be closely watching all six Fed officials’ speeches for comments on today’s positive US jobs data
  • The Canadian economy added only 3,200 jobs versus an expected 10,000; Canada’s unemployment rate is currently at 6.5%, its lowest rate since October 2008
  • The drop in Canada’s unemployment rate has mostly stemmed from the result of fewer youth searching for work; public sector employment increased while the number of private sector employees fell
  • Oil prices are struggling to recover this morning after falling nearly 7% for the week; all price gains brought on by OPEC’s deal to cut oil production have been largely wiped out
  • Hovering near 5-month lows, oil prices are weighed down as markets are losing faith that an extension of the OPEC cut will substantially lower global oil supply; increased US shale production efforts are derailing any progress made by OPEC