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Market Update

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

Oil Prices Hits 2019 High | Canadian Dollar Edges Higher

Published March 19, 2019

• Oil prices hit 2019 highs as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension. WTI crude prices have hit a high of $59.57.

• The Canadian dollar has posted slight gains against the greenback and made a high of 1.3250 in the morning session as investors weighed the potential impact of federal budget on Canada’s fiscal deficit and bet that the US Federal Reserve will strike a dovish tone this week.

• British Prime Minister Theresa May’s Brexit plans were in crisis as the speaker of parliament ruled that she could not put her divorce deal to a new vote unless it was re-submitted in a fundamentally different form. European Union lawmakers are set to gather on March 21-22, to vote on whether to grant the UK an extension.

• US Agriculture Secretary Sonny Perdue said China could triple its purchases of American farm goods in the next five years as part of a trade deal. He also confirmed things are relatively quiet on the trade front, however there are signs of progress.