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Market Update

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

USD Down after Trump Fires FBI Director; Oil Prices Move Higher on Low US Inventories

Published May 10, 2017
  • US President Donald Trump moved markets yesterday after he abruptly fired FBI Director James Comey; analysts pointed out that this move will delay plans on taxes and infrastructure as Trump faces sharp criticism from both Republicans and Democrats
  • James Comey had been involved in the FBI’s investigation into allegations of Russian meddling in the 2016 US Presidential campaign; the US dollar is performing weaker against other currencies this morning as a result of this political development
  • Gold prices moved higher and equities were mixed as investors reversed yesterday’s risk sentiment, moving the market towards a risk-off stance; the Comey dismissal provides another example of how Trump’s unpredictable behavior can stoke risk sentiment in the market
  • Oil prices rose this morning after data from the American Petroleum Institute showed the US oil inventories fell by 5.79 million barrels; government data on US oil inventories from US Energy Information Administration is set to be released at 10:30 AM EST
  • The loonie is stronger against the US dollar this morning as the Comey dismissal weighs down the Greenback; stronger oil is giving the Canadian dollar relief as the USD/CAD rate moves below 1.3700
  • European Central Bank President Mario Draghi offered a cautiously upbeat view on the Eurozone economy; Draghi however reiterated that ECB was in no rush to raise interest rates and shared similar hesitance in winding down the 2.3 billion Euro bond-buying program