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Market Update

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

Prime Minister May Seeks Delay to Brexit | Fed Chair Powell Set to Testify

Published February 26, 2019
  • President Trump has arrived in Vietnam an organized summit with North Korean leader Kim Jong Un. The White House has set low expectations for the meetings, as the two nations have yet to agree on denuclearization.
  • Prime Minister Theresa May has indicated further delays to the March 29th Brexit date as increasing pressure to ensure the UK does not leave the EU without a deal mount. The pound is rallying as the probabilities of Britain exiting the union are seen to be diminishing, with sterling trading over 1.3200.
  • Federal Reserve Chairman Jerome Powell is set to begin testimony before Congress this morning as concerns arise among legislators over rising interest rates. The expectation is that Powell will speak on weaker US economic data as well as the Fed’s strategy on decreasing its balance sheet.
  • The Canadian dollar is trading lower against the greenback this morning, with the pair up 0.25% to 1.3220. Economic data that is set for release later today includes Canadian corporate profits, as well as US CB Consumer Confidence.