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Market Update

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

US Government Shutdown Ends; Trump Stokes Anti-Trade Fears

Published January 23, 2018
  • The US government shutdown ended yesterday after a deal brokered in the US Senate gave way to a bipartisan effort to resume funding until at least February 8; the US dollar is broadly higher against major peers this morning
  • Global stock indices reached new all-time highs yesterday as the end of the US government shutdown buoyed positive market sentiment; Asian and European markets earned solid gains while the Dow and S&P 500 are set to top record highs at open this morning
  • The penultimate round of NAFTA talks commenced in Montreal on a positive note as Canadian Finance Minister Morneau stated that constructive progress is being made; Foreign Affairs Minister Chrystia Freeland also offered to bring “creative” new proposals to counter US inflexibility
  • US President Donald Trump however is stoking anti-trade sentiments after the White House imposed 30 percent tariffs on imported solar panels and 50 percent duties on foreign made washing machines; investors will look for further insights as Trump speaks on Friday at the World Economic Forum in Davos, Switzerland
  • Oil prices moved higher this morning as investors look towards weekly data from the American Petroleum Institute on US oil stockpiles; week-on-week declines in US oil stockpiles and production outages in Venezuela have helped support the commodity’s staggering rise in the past 6 months