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Market Update

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

Oil Edges Down | Fed Minutes Urge Caution

Published January 10, 2019
  • Oil prices fell in the early morning trade on Thursday, pausing after surging to a nearly four-week high the day before, amid lack of any clear resolution to US-China trade talks and on a renewed risk off sentiments. WTI crude prices have hit a low of $51.45.
  • According to minutes of the Fed’s December gathering, officials believed that with inflation still muted, the central bank could take a gradual approach to lifting interest rates further. The Fed also trimmed its projection of possible rate hikes in 2019 from three down to two.
  • The Federal Reserve is likely to eventually push interest rates up slightly into restrictive territory if the dark clouds over the outlook clear up, said Chicago Fed President Charles Evans. Evans is a voting member this year on the rate-setting Federal Open Market Committee.
  • The UK Prime Minister Theresa May facing an uphill battle to save Brexit deal, and is said to be considering making important concessions to the opposition Labour party to try to secure the support of some of its MPs. The government is considering giving extra protections to workers and the environment to win support for its Brexit withdrawal agreement.