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Market Update

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

President Trump Meets with Russia’s Putin; US Economic Data Meets the Mark

Published July 16, 2018
  • US President Donald Trump and Russian President Vladimir Putin are holding their first one-on-one meeting in Helsinki, Finland today; Trump and Putin are scheduled to have a 90 minute meeting, joined only by their interpreters, followed by  further meetings and a joint press conference at 9:50 AM EST.
  • Pundits expect Trump to discuss Russian meddling in the US 2016 election and the war in Syria while Putin is likely to urge Trump to relinquish sanctions imposed on Russia over the annexation of Crimea from Ukraine in 2014. Trump’s meeting with Putin follows a round of controversial meetings with traditional US allies in which the US president called the EU a trade “foe”.
  • Nearly 60 companies on the S&P 500 Index are set to release their Q2 earnings this week; analysts are expecting another strong quarter of growth, however, will pore over the ‘Management Discussion and Analysis’ to see if recent trade tensions are affecting companies’ future spending plans.
  • Month-on-month growth in US retail sales met projections with a reading of 0.5 percent; the core figure, which excludes auto sales, came in at 0.4 percent. The Empire State Manufacturing Index also came in strong with a reading of 22.6.
  • The number of Canadian securities purchased by foreign nationals (stocks, bonds, and money-market assets) dropped to 2.1B versus a projected 7.03B; USD/CAD is currently in the mid-1.3100s as the market remains range bound between 1.3000-1.3300.