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Market Update

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

US-China Accord Still on The Cards | Oil Retreats

Published January 23, 2019
  • White House National Economic Council Director, Larry Kudlow, dispels rumors that a planned meeting between trade representatives of the United States and China have been cancelled. Kudlow stressed that the two sides were on track to have very important high-level talks at the end of the month that will be determinative. Stocks pared some of the losses after the denial.
  • Oil prices rose about 1 percent after China and Japan said they would take fiscal stimulus measures to stem an economic slowdown which has weighed on financial markets and official data indicated slowing growth in US shale oil output in the coming years. WTI crude prices have hit a high of $53.64.
  • Canada Retails Sales fell 0.9 Percent to $50.4 billion in November more than the economist’s expectations of a drop of 0.6 percent on lower sales at gasoline stations and motor vehicle and parts dealers Statistics Canada reported on Wednesday.
  • Italian Economy Minister Giovanni Tria said Italy will meet its key budget deficit target for this year and there is no need for any corrective measures to prevent an overshoot. Tria also stated that Italy does not pose a risk for the European Union and the global economy and deficit spending was the right policy to pursue in the current economic cycle.