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Market Update

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

Congressional Testimonies in Focus | Canadian CPI Data Due

Published February 27, 2019
  • This morning trade representative Lighthizer will testify before House lawmakers, where further insight will be provided regarding the US-China trade negotiations. Mr. Lighthizer has expressed discontent with President Trump’s lack of understanding of the trading relationship with China previously. American and Chinese negotiators have grappled over trade relations in the latest rounds of consultations in Washington recently this month.
  • Market participants will be paying close attention to Jerome Powell’s second day of congressional testimony beginning at 10:00 am this morning. In yesterday’s session Powell highlighted that growth looked irregular, which left equities lower at the end of the trading session.
  • Prime Minister May’s Brexit policy has introduced the possibility of allowing an extension to the March 29 deadline. The risk of May losing a vote before Parliament later today on her negotiating approach is high. The pound is holding close to the 1.3300 level against the greenback this morning.
  • The economic docket today includes the release of Canadian consumer inflation figures for the month of January. The headline CPI is expected to have moved higher to 0.2% and the yearly rate is anticipated to have decelerated to 1.5%. In US economic data today, wholesale inventories are due with December durable goods and factory orders at 10:00 am
  • The conflict between India and Pakistan has intensified after Islamabad stated it has shot down two Indian aircraft in the disputed region of Kashmir today, in a dramatic escalation of tensions spanning four decades. The risk of an all-out conflict rose intensely when India launched air raids on February 14th on a supposed terrorist training base.