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Market Update

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

BOE Holds Rates Steady | Oil Hits Two Month Low

Published November 1, 2018
  • Bank of England policymakers unanimously decided to maintain monetary policy stance at the meeting and suggested that the economic outlook of the UK remains sensitive to the effects of Brexit. The Monetary Policy Committee, led by Governor Mark Carney, voted 9-0 to keep the key rate unchanged at 0.75 percent.
  • Oil prices fell to the lowest in more than two months on signs of surging US supply and speculation that American sanctions against Iran won’t succeed in reducing exports to zero. WTI crude prices have hit a low of $64.65.
  • New applications for US unemployment aid fell and the number of Americans receiving benefits was the lowest in more than 45 years, as labour market conditions tightened further. Initial claims fell by 2000 to 214,000.
  • China, the world’s biggest soybean importer, cut shipments of oilseed from the US by more than 80 percent in September from a year earlier as retaliatory tariffs imposed as part of the ongoing trade war between the world’s top two economies take their toll.