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Market Update

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

Canadian Ambassador Confident of UMSCA Adoption | May Seeks Majority Support from Parliament

Published January 17, 2019
  • Prime Minister May was able to overcome a vote of no-confidence yesterday, overall leaving the UK in a familiar scenario. Today May is negotiating with her opponents to find a position on exiting the European Union that would retain majority support in Parliament. Only 10 weeks remain prior to the exit date.
  • Canada’s ambassador to Washington is confident that the US will pass the revised North American trade deal and lift tariffs on steel and aluminum. The new trade deal includes a cap on vehicles and vehicle parts that Canada can sell to the US tariff-free. The US has been pushing for similar quotas on steel and aluminum.
  • The US congress passed a bill yesterday to remedy the partial government shutdown, with Senate Majority Leader Mitch McConnell stating the vote on a bill will not be accepted without President Trump’s support. The growing number of government contractors going unpaid is seen as large enough to impact growth this quarter.
  • OPEC slashed production in December, delivering clear signals to the market prior to official rounds of output cuts. OPEC struck a deal with Russia and nine other nations to keep 1.2 million barrels per day off the market starting in January.