EncoreFX’s daily market updates are written by our experienced and professional dealing team.
• The EU said it will extend the Brexit deadline until May 22, pending approval from UK lawmakers provided the withdrawal agreement is approved by the House of Commons next week. If Theresa May manages to pass a deal, the EU will let Britain remain in the bloc until the deadline to complete the formalities. If not, she will have to decide whether to seek a longer extension or leave without a deal.
• Canadian inflation rose to 0.7% last month at a slightly faster pace, pushing higher by increased costs associated with mortgage payments and fresh vegetables. Meanwhile, Canadian retail sales fell for a third consecutive month in January on decreased demand for new and used cars. Stats Canada said retail sales decreased 0.3% in January against the positive expectation of 0.4%.
• Oil edged lower but held near 2019 highs, supported by a sharp tightening of global stocks, OPEC production cuts and US sanctions on key producers Iran and Venezuela. WTI crude prices have hit a low of $59.04.
• President Donald Trump is considering appointing Stephen Moore, a visiting fellow at the Heritage Foundation and a long-time supporter of Donald Trump to the Federal Reserve Board. Trump was so incensed by the Fed’s policies, he is said to have sought advice late last year on whether he could fire its chairman, Jerome Powell.
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