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Market Update

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

Trade Deals, Not Wars; USD Erases Loss as Tensions Ease

Published April 13, 2018
  • Donald Trump says he’s willing to “renegotiate forever” on NAFTA, a threat that comes as his trade office again softens its marquee demand for changes to the auto sector. The US is said to drop its proposed content requirement to 75%.
  • Trump says China tariffs may not happen; dollar erases loss. Oil has pared earlier rally spurred by Syria tensions and EIA outlook.
  • EUR/USD has pared most of its gain yesterday after dovish tones by the ECB.  Minutes show that members are worried about a US trade war and strong euro. ECB is planning to continue its bond buying program and has not mentioned any specific date for winding up quantitative easing.
  • Saudi Aramco made $33.8 billion in first half of 2017. A tougher royalty regime imposes higher taxes as oil prices rise. Aramco is a cornerstone of the global economy, producing and selling 10 million barrels of oil every day.
  • Trump ordered officials to take another look at a TPP deal, saying a trade deal would be ‘easier to join now’.