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Market Update

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

Oil Prices Continue to Climb; Contentious NAFTA Negotiations Continue

Published October 17, 2017
  • Crude prices continued higher to start today’s session as fighting between Kurdish and Iraqi forces caused concern over supplies from northern Iraq. WTI crude is up 0.10% to $51.90 and Brent is up 0.30% to $58.01 at time of writing.
  • The fourth and latest round of NAFTA negotiations wraps up today, with US demands relating to the automotive sector and the dairy and poultry industries leaving the future of the agreement in doubt.
  • Sterling moved lower overnight (GBP/USD down 0.48% to 1.3189) as members of the Bank of England’s Monetary Policy Committee made some bearish remarks; Carney stated the BoE is making contingency plans for a hard Brexit.
  • Bank of Canada Senior Deputy Governor Carolyn Wilkins speaks today at 3:30PM EST, though expectations are that she will avoid touching on monetary policy given the BoC meeting next week on October 25.