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Market Update

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

Trump Eyes More China Tariffs | ECB’s Draghi Hints QE to End Soon

Published November 27, 2018
  • European Central Bank President Mario Draghi defended the bank’s move to start phasing out its easy money policies, despite criticism from European lawmakers that it is too soon due to slowing economic growth in the euro zone. The central bank has been treading a cautious path in recent months, seeking to start winding down its €2.6tn bond-buying programme without spooking international investors.
  • US President Donald Trump has said he is likely to go ahead with a hike on tariffs currently imposed on Chinese goods. The tariffs would be raised from 10% to 25% on $200bn worth of goods. Trump also said he would hit the rest of China’s imports with further tariffs if talks did not go well.
  • The Italian government vowed to stick to its main spending goals for next year and it will not bow to European Union (EU) pressure over its budget plan for 2019, despite deputy Prime Ministers Matteo Salvini and Luigi Di Maio having hinted at a softened stance just hours earlier.
  • Oil prices steadied on Tuesday, weighed down by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. WTI crude prices have hit a high of $51.96.