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Market Update

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

USD/CAD Moves Higher as Korean Tensions Fade; US Job Numbers Beat Expectations

Published August 30, 2017
  • Data on US non-farm employment change from the HR and payroll processing firm ADP showed the US added 237,000 jobs versus expectations of 183,000; the US Government is set to release their iteration of this data on Friday at 8:30 AM EST
  • Global markets improved throughout yesterday and into this morning as tensions in the Korean peninsula eased off; Asian stocks finished higher while riskier stocks in Europe found firmer footing as risk off sentiment dissipated
  • North Korean leader Kim-Jong Un called yesterday’s missile test a “meaningful prelude” for their plans with the US territory of Guam
  • US President Donald Trump reminded the rogue state that “all options remained on the table” but did not give any specific indication of a direct threat; the United Nations Security Council also offered reserved remarks in condemning the launch while not further escalating sanctions
  • US quarter-on-quarter GDP growth came in at 3.0% versus expectations of 2.7%; USD/CAD has strengthened to the high 1.2500’s as the market lends increased optimism to the US economy
  • Data on Euro Consumer Confidence rose to its highest number in a decade with a reading of 111.9 versus expectations of 111.3; EUR/USD moved below 1.2000 on expectations that ECB President Mario Draghi may talk down the currency’s strength at the next ECB meeting on September 7
  • Oil prices continue to fall due to the disruptive effects of Tropical Storm Harvey on the routine crude buying schedules of Texan refineries; the market also looks to the latest official weekly data on US crude inventories from the US Energy Information Administration