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Market Update

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

US Durable Goods Orders Slump | Brexit Deadlock Continues

Published April 2, 2019
  • US durable goods orders contracted by 1.6 % in February, this biggest drop in four months and business investment slackened again due to a sharp decline in civilian aircraft orders, although the overall drop was smaller than expected.
  • Members of Parliament have rejected all remaining alternatives to Theresa May’s Brexit deal after the prime minister’s own agreement failed to pass three times in a row. The failure to find an alternative to the prime minister’s deal means that Britain remains in political deadlock with less than two weeks to go until Britain is due to leave the EU on April 12.
  • Oil price rises further as OPEC continues to keep the squeeze on production and comments from Iranian Oil Minister Bijan Namdar Zanganeh that OPEC and its allies could extend production cuts beyond the current June deadline without difficulty. WTI crude prices have hit a high of $62.19.
  • Bank of Canada Governor Stephen Poloz said that the economic outlook continued to warrant an interest rate below the neutral range to overcome domestic and global economic hurdles, though he predicts the country’s recent economic weakness will only be temporary.