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Market Update

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

Oil Prices Edge Higher | Loonie Hits Five Week Low

Published October 19, 2018
  • The Canadian dollar weakened to a five-week low against its US counterpart after data of a lackluster consumer price index was released. CPI dropped sharply by -0.4%, missing market expectations, as temporary factors that had lifted the cost of gasoline and air travel dissipated.
  • Oil prices rose on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on rising US inventories and concern that trade wars were curbing economic activity. WTI crude prices have hit a high of $69.59.
  • Federal Reserve Governor Randal Quarles said on Thursday he expects less aggressive interest rate rises than most of his fellow Fed policymakers and predicts higher longer-term growth for the US economy.
  • The cost of insuring exposure to Italy’s banks jumped after the country’s government bond market sold off sharply as the European Union slammed Rome’s draft budget. Five-year credit default swaps in UniCredit rose to 204 basis points.