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Market Update

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

Trump Offers Leniency on Euro Auto Tariffs; Market Awaits FOMC Meeting Minutes

Published July 5, 2018
  • European stock indices are pushing higher this morning on news of a positive meeting between the US ambassador to Germany and a group of German auto executives; the German media is reporting that President Donald Trump would not impose tariffs on European auto imports if the EU in turn lifted current duties on US cars.
  • The Trump Administration is currently threatening to set a 20 percent import on tariff on all EU made cars; this move would create severe costs constrains on European automaker’s ability to sell in the American market.
  • Chinese stocks fell to a two-year low as the US and China prepare to impose their respective tariffs on each other’s imports. Due to time zone differences, the Chinese tariffs will be in place 12 hours prior to the US trade duties.
  • FOMC meeting minutes are set to be released later today at 2:00 PM EST; the minutes will provide a detailed summary and exclusive insight on the economic influences behind June’s interest rate hike from the Federal Reserve.
  • US President Donald Trump continued to strongly urge OPEC to reduce prices for crude in a tweet during the July 4th holiday. The Trump Administration is attempting this measure in order to hinder Iran’s ability to seek gains from oil exports.