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Market Update

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

Fed Signals No Increases in 2019 | UK Retail Sales Beats Estimates

Published March 21, 2019
  • The Federal Reserve left interest rates unchanged, lowered its growth forecast and predicted that there would be no rate hike this year due to a recent slowdown in economic growth. Most Fed officials now anticipate holding rates steady for the remainder of 2019.
  • UK retail sales showed strong growth last month compared to a year before, in a sign that consumers remain unaffected by the Brexit impasse. The UK retail sales recorded an unexpected growth of 0.4% in February, beating market expectations of -0.4%.
  • The Bank of England kept interest rates steady with a unanimous vote and indicated that uncertainties over Brexit were too great to provide a clear guide to the forces shaping the economy. The MPC added the economic outlook will continue to depend significantly on the nature and timing of EU withdrawal.
  • President Donald Trump has warned that the United States will not immediately lift tariffs on $250 million worth of Chinese goods even if a trade deal with Beijing is reached in coming weeks. Trade talks are set to resume next week, and Chinese officials have been pressing for a full lifting of US tariffs as part of any deal.