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Market Update

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

Sterling Surges as Brexit Finale Approaches | Trudeau’s Tax Cut Troubles

Published November 22, 2018
  • The UK and the European Union have agreed to the final draft of the Brexit deal, as objectives for close economic ties have been agreed on in principle. The pound has surged as markets view the final hurdle of negotiations coming to an end. May’s test now is to convince Parliament to back the deal in a vote that will take place next month.
  • Canadian Finance Minister Morneau revealed fiscal refurbishments yesterday with $14 billion in tax cuts for capital investment, promises of corporate deregulating, and substantial cash injections for businesses. Despite corporate tax breaks being widely welcomed, the more urgent matter of addressing Western Canada’s crude crisis was notably absent.
  • Italian deputy prime minister Salvini has stated that he is prepared to confront EU leaders after the European Commission rejected Italy’s draft 2019 budget for the second time. This comes as Italy faces sanctions after the far-right League and anti-establishment Five Star Movement have violated fiscal rules.