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Market Update

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

Brexit Battle Continues | US-China Resume Trade Talks

Published December 11, 2018
  • China and the United States discussed the road map for the next stage of their trade talks during a telephone call involving Chinese Vice Premier Liu He, US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer. Both sides exchanged views on putting into effect the consensus reached by the two countries leaders at their meeting and pushing forward the timetable and roadmap for the next stage of economic and trade consultations work.
  • Prime Minster Theresa May postponed a crucial Brexit vote in the UK’s parliament. The pound plunged to a 21-month low after the decision and there was uproar among Britain’s political establishment. May claimed that there was broad support for her deal, however, the issue of the Northern Irish backstop remained a concern. She would return to European counterparts to renegotiate the deal.
  • Oil prices rose, clawing back some of the previous day’s hefty losses as a modest show of strength in global stocks, a slightly weaker dollar and disruption in Libyan exports lent support. WTI crude prices have hit a high of $52.11.
  • US producer price rose slightly in November on advances in foods and transportation services, but the overall momentum in wholesale inflation appears to be slowing. The Producer Price Index edged up a seasonally adjusted 0.1% in November from a month earlier.