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Market Update

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

Back To Work | WTI Slips on Increasing US Rig Count

Published January 28, 2019
  • The partial government shutdown has ended with temporary funding that will re-open agencies until the beginning of February. President Trump specified that he is willing to close the government again through the use of emergency powers if lawmakers fail to provide funding for the border wall by the deadline.
  • In USDCAD the pair has recovered towards 1.3235. This comes as reports surface regarding the Federal Reserve’s consideration of a stop to shrinking its balance sheet. Markets will remain on edge ahead of the next round of US-China trade talks this week, as well as the FOMC meeting where it is expected that the central bank will pause its tightening cycle.
  • Oil prices dropped this morning as US energy firms added considerable amounts of rigs with an indication that crude production may rise further. This comes as the world’s second-largest oil user China has reported additional signs of economic slowdown. West Texas Intermediate oil futures were trading at $53.43 per barrel.
  • GBPUSD is likely to test levels above 1.3250 ahead of BOE Governor Carney’s speech. The UK Parliament prepares for the latest test of their resolve with a fresh round of voting on Brexit amendments, this comes as Irish Foreign Minister Coveney has expressed no need for further compromise on the Irish border backstop.