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Market Update

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

Oil Rally Continues | Fed Minutes Support Cautious Stance

Published February 21, 2019
  • Oil prices continue to march north, hitting their highest levels since late November boosted by OPEC-led supply cuts, US-China trade talks optimism and US sanctions on Venezuela and Iran. Markets will be closely watching the US crude oil inventories data which is going to release later in the day. WTI crude prices have hit a high of $57.61.
  • Minutes from the January Federal Reserve reaffirmed that the central bank would be patient with respect to further interest rate hikes. Officials said they expect to keep rates steady for now but left room for hikes later if conditions improve.
  • St. Louis Fed President James Bullard said the Federal Reserve is likely near the end of interest rate hikes and the reduction of bond holdings program. Bullard added that current interest rates are too high, however acknowledged that his view is in the minority on the policy making FOMC.
  • European Commission President Jean-Claude Juncker and British Prime Minister Theresa May agreed to continue Brexit talks and meet again in February after what they described as constructive talks in Brussels. PM May and EU’s Juncker discussed guarantees that would underline Irish backstop is temporary, provide legal assurance to both sides.