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Market Update

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

USD/CAD Reacts to Weak US Data; Oil Prices Continue to Climb Higher

Published August 10, 2017
  • Global markets remain in “risk-off” mode as rising tensions between North Korea and the United States continue to worry investors; Asian stocks in particular are lower as share in Seoul fell to a seven-week low today
  • Officials in Pyongyang dismissed US President Donald Trump’s aggressive rhetoric as a “load of nonsense”; North Korea also announced plans to further test missiles near the US territory of Guam in the Pacific Ocean
  • USD/CAD fell below the 1.2700 mark as the market reacts to North Korean tensions while also focusing heavily on today’s data on US producer prices and weekly jobless claims
  • US month-on-month producers disappointed with a contraction of -0.1% versus growth expectations of 0.1%; jobless claims rose to 244,000 versus expectations of 240,000
  • New York Fed President William Dudley is set to speak at 10:00 AM EST today; investors will pay close attention to his comments for further insight on the Fed’s rate hike plans for 2017
  • Both Brent Crude and WTI Oil prices hit their highest levels since May 2017 this morning, with WTI moving above the $50 mark; oil prices moved higher after the US Energy Information Administration revealed that US crude supplies fell by a much larger amount than expected