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Market Update

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

USD Recovers as Oil Prices Dip

Published November 7, 2017
  • The greenback showed broad strength this morning as attention returned to global geopolitical happenings, with Trump charging North Korea to make a deal on its nuclear and missile programs. This was viewed as a potential invitation to come to the table, a far cry from Trump’s “fire and fury” remarks in August.
  • The loonie is down ~0.50% this morning on USD strength and lower crude oil prices. The focus of today will be Poloz’s speech in Montreal entitled “Central Banks’ Ability to Understand Inflation” with market participants waiting to see if he will acknowledge the recent positive economic data.
  • Oil prices are soft this morning as OPEC forecasts that demand for crude will rise more slowly than expected over the next 2 years. Additionally, the recovery in crude prices stemming from the OPEC-led supply cuts led to increased production from non-member countries.
  • WTI crude is down 0.30% to $57.20 and Brent crude is down 0.48% to $63.96 at the time of writing.