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Market Update

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

USD Retraces Losses; Oil Hits $80

Published May 17, 2018
  • Canada added 30,200 jobs in April, beating expectations, though this is not being reflected in the loonie.
  • US unemployment claims came in higher than expected at 222K versus expectations of 216K.
  • On the NAFTA front, Mexican Minister Guajardo confirmed yesterday that it is impossible to have a NAFTA deal today, with only 10 of NAFTA’s 33 chapters having been finalized. This means that the current Congress likely won’t be able to vote on any new NAFTA deal this year. This could certainly be causing some of the current USD bullishness , with USD/CAD up 0.25% on the day at the time of writing.
  • North Korea’s Committee for the Peaceful Reunification of the country seems to have hit a snag. Today, the chief negotiator called the South Korean government “ignorant and incompetent” and criticized the US-South Korean air combat drills while threatening to halt talks with South Korea unless its demands are met.
  • Oil rose to $80 a barrel in London for the first time since 2014 as US crude inventories fell. Prices also continue to benefit from Trump’s decision to re-impose sanctions against Iran, which will reduce exports from the world’s 5th largest oil producer. WTI crude is up 0.59% to $71.91, with Brent crude up 0.68% to $79.82 at the time of writing.