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Canadian GDP Shines | EU Prepares for a No-Deal Brexit
Published October 31, 2018
Canada’s economy grew for a seventh consecutive month in August, led by crude oil and financial services, keeping the momentum going for a possible BoC rate hike. Statistics Canada said real gross domestic product edged up 0.1 percent in August.
The European Union is pressing ahead with plans for a no-deal Brexit, amid uncertainty about when high-level negotiations will resume. EU diplomats meeting on Tuesday agreed to hold a series of no-deal planning seminars in November, covering citizens rights, aviation, ground transport, customs, border controls and financial services.
Oil prices climbed after two days of losses, as markets braced for the imposition of US sanctions on Iran next week, but rising supply and fear over the outlook for demand amid the US-China trade war kept pressure on the market. WTI crude prices have hit a high of $67.00.
Bank of Canada Governor Stephen Poloz reiterated the central bank’s hawkish stance on interest rates to the House of Commons Standing Committee on Finance yesterday. Poloz said that there were some very positive developments in the Canadian economy, with solid momentum, and that it continues to operate near its capacity.