EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Oil Jumps on Venezuela Sanctions | Consumer Confidence Expected to Decline
Published January 29, 2019
Trump is expected to meet Vice Premier Liu He during critical trade talks
scheduled for this Wednesday and Thursday. This comes as US prosecutors have alleged
Huawei Technologies stole trade secrets from American companies and committed
bank fraud by doing business with Iran in charges placed in New York yesterday.
Minister, Theresa May, faces votes in Parliament today, with one of those attempting
to put Brexit on hold, while another would send her back to Brussels to
renegotiate the withdrawal agreement.
Board will release its Consumer Confidence Index this morning. Consumer
confidence is expected to remain healthy despite an anticipated decline to
124.9 in January. The US economy remains in decent condition considering the
continued drop in consumer confidence from decade high 137.9 reading in October
States imposed sanctions against Venezuela’s state-owned oil company yesterday,
in a move to cripple the government of President Maduro. Oil prices were
boosted by the US sanctions on Venezuela that will significantly reduce
country’s oil export to the United States. A barrel of West Texas Intermediate
crude is trading higher at $52.50.