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Market Update

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

Greenback Falls as Democrats Take Over | Brexit Prepped for Final Phase

Published November 7, 2018
  • The US midterm election outcomes were in line with market expectations, as Democrats won control of the House. Republicans preserved their majority in the Senate. The greenback has fallen slightly with the results, despite the legislative gridlock being viewed as a relatively positive consequence for markets.
  • Oil is preparing for its most prolonged losses since 2014, as the EIA inventory report is set to be published this morning. The ongoing retreat in prices has raised alarms for OPEC and its allies, as the coalition now is considering cutting production. A barrel of West Texas Intermediate is trading at $61.85.
  • UK Prime Minister May is prepared to visit Brussels to trigger the final phase of negotiations over the exit from the EU. The EU is waiting for an indication from May’s Cabinet that the Brexit draft treaty is completed, which would then leave the treaty open to parliament to ratify.