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Market Update

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

U.S. Dollar Rally Slows | Oil Prices Tumble

Published October 3, 2017
  • The recent USD rally stalled today as market participants wait for new cause to rekindle further USD appreciation. The recent surge was largely due to renewed confidence in the U.S. economy and increased expectations of a December Fed rate hike, which would be the third increase this year
  • Bank of Canada Deputy Governor Leduc speaks today in Sherbrooke, Quebec. Markets will be watching for any hints ahead of the BOC Business Outlook Survey, to be released October 16, 2017
  • Pound Sterling is down this morning after U.K. construction data came in below expectations, combined with comments by Chief Brexit Negotiator suggesting it was too soon to enter a second phase of negotiations
  • Crude oil prices fell further this morning after dropping yesterday on reports of increased U.S. production and higher OPEC output revived concerns of a global supply glut. WTI crude is down 0.22% to $50.49 (9:47AM EST) and Brent is down 0.09% to $56.08 (9:47AM EST)