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Market Update

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

US Treasury Secretary Praises USD Strength, Mentions Tax Reforms

Published February 23, 2017
  • US Treasury Secretary Steven Mnuchin echoed President Trump’s tax reforms ambitions this morning; Mnuchin said he wants to see “very significant” tax reforms passed before Congress’ August recess
  • Mnuchin also praised the US dollar’s strength as a reflection of confidence in the US economy, said USD strength is “a good thing” in the long run
  • President Donald Trump will meet with at least five companies that are laying off thousands of workers due to out-sourcing; Trump will seek job creation advice from prominent US business leaders
  • Minutes from the Federal Reserve’s latest meeting showed that Fed officials believe it may be appropriate to raise rates “fairly soon” if jobs and inflation data continue to come in line with expectations; US Jobless Claims were slightly above expectations
  • The market took this as a lack of a “clear signal” on the pace of future rate hikes from the Federal Reserve; the US dollar is seeing limited gains this morning
  • Oil prices rose from this week’s losses as investors look ahead to information from US Energy Information Administration on US oil stockpiles; API data showed US oil inventories fell by 884,000 barrels in the week ended February 17
  • This drop in oil reserves broke a trend of six-straight weeks of builds; stronger oil is allowing the Canadian dollar to gain relative strength against the US dollar this morning

Chart (1) US Jobless Claims 2012-Present