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Market Update

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

British Prime Minister Theresa May is Running out of Brexit Options

Published July 27, 2018

  • British Prime Minister Theresa May is running out of Brexit options after the European Union rejected a key part of her plan to manage the country’s exit from the bloc. Chief EU negotiator Michel Barnier suggested that one way to get over the impasse would be for the U.K. to remain in the customs union, something members of May’s Conservative Party would be unlikely to accept.
  • West Texas Intermediate crude is headed for a fourth-weekly loss, with a barrel for September delivery trading at $69.40. Fears continued to linger that global demand for the commodity will fall amid the standoff between China and the U.S.
  • U.S. economic growth accelerated in the second quarter, according to the GDP report released by the Commerce Department on Friday. Gross domestic product rose at an annualized pace of 4.1%. Economists had forecast 4.2% growth, the fastest pace since the third quarter of 2014. President Donald Trump had already hinted that it was a strong number, again breaking with tradition of US presidents not commenting on major economic data pre-release.
  • U.S. Trade Representative Robert Lighthizer stated Thursday he hopes a deal in principle on the North American Free Trade Agreement is within reach, a day after Canadian and Mexican ministers indicated a pact could be signed in the next few months.