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Market Update

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

US Tax Reform Could Be Passed into Law This Week

Published December 19, 2017
  • The US tax overhaul is on the home stretch, with the House of Representatives voting on the bill this afternoon and the Senate set to vote either later today or Wednesday. The Republicans seem to have convinced the hold-outs to support the bill, which should give it sufficient support to pass.
  • USD is stronger this morning after Housing Starts and Building Permits came in slightly better than forecast (1.30M vs. 1.25M and 1.30M vs. 1.27M respectively).
  • The data calendar in Canada is relatively quiet today as we wait for CPI and Retail Sales on Thursday and GDP on Friday.
  • Oil prices are up this morning ahead of the American Petroleum Institute’s weekly crude stockpile inventory report, with expectations of a net draw of ~3.3 million barrels. WTI crude is up 0.75% to $57.65 with Brent crude up 0.90% to $63.80 at the time of writing.