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Market Update

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

Brexit Minister Resigns | Trump Reviews Another Round of Tariffs

Published July 9, 2018
  • On Sunday evening, Brexit Secretary David Davis and his deputy resigned in protest at British Prime Minister Theresa May’s plans for a soft exit from the European Union. The departures are a major blow to May, who started the weekend claiming to have unified her warring cabinet around a Brexit plan.
  • Economists are predicting the Bank of Canada governor will resume tightening policy this Wednesday in what would be the first increase in borrowing costs since January. More hikes are set to follow as businesses warn of wage pressures, and inflation remains above the central bank’s target.
  • US Secretary of State Mike Pompeo went to North Korea to negotiate with Kim Jong Un to give up his nuclear weapons. The talks were summarized as “productive,” while the North Korean regime called the visit “regretful.”
  • The Trump Administration is currently reviewing another round of tariffs on $16 billion in Chinese goods. Trump stated last week that he may expand tariffs to more than $500 billion in Chinese goods, to cover all imports from the nation into the US.
  • Government bond yields crept up in the euro area today, giving up declines seen after Friday’s US non-farm payrolls data. European Central Bank Chief Mario Draghi is scheduled to give a statement to the European parliament later in the day.