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Market Update

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

USD Extends Gains on Upbeat US Data, Fed Rate Hike

Published June 15, 2017
  • The US Federal Reserve raised interest rates yesterday for the second time this year, to a range of 1.0%-1.25%
  • The hawkish Fed combined with WTI Crude at $44.56 took USDCAD back up to highs of 1.3293
  • Gold prices are under pressure today, approaching a 3-week low after the Fed also maintained plans to go ahead with another increase by the end of the year
  • Oil is still trading lower as data yesterday showed US crude stockpiles shrank less than anticipated, while gasoline inventories increased