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Market Update

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

USD/CAD Falls Below 1.3100; Oil Prices Remain Mixed Ahead of US Oil Stockpile Data

Published June 28, 2017
  • USD/CAD is hovering just below the 1.3100 mark as the US dollar endures sharp weakness; comments from Federal Reserve officials and the delay over Trump’s healthcare bill have weighed heavily on the greenback
  • Senate Republican leaders moved the vote on Trump’s healthcare proposal until after the July 4th recess in order to rally additional support for the bill; this delay stoked fears that Trump’s tax plans and infrastructure cuts will face similar objections when proposed to US Senators
  • Janet Yellen opined that she does not expect another financial crisis to hit the world economy within “our lifetimes”; FOMC member Neel Kashkari created doubts in the market after questioning the Fed’s urgency to raise interest rates
  • The euro is nearing 1-year highs this morning, marking its largest one day gain since June 2016 by rallying nearly 1.5% due to positive comments from European Central Bank President Mario Draghi,
  • Oil prices are mixed this morning as the market anticipates data on US oil stockpiles from the US Energy Information Administration; investors will also look to Donald Trump’s energy speech on Thursday