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Market Update

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

US Shutdown Continues | Oil Sinks

Published January 22, 2019
  • The longest government shutdown in US history entered its 32nd day as President Donald Trump’s latest funding proposal for a border wall in exchange for extending temporary protections to immigrants was swiftly rejected by Democrats. However, Senate Majority Leader, Mitch McConnell, said he intended to bring it to the floor this week.
  • Oil prices fell more than two percent on Tuesday, pressured by a weak economic forecast by IMF and on signs that an economic slowdown in China is spreading, stoking concerns about global growth and fuel demand. WTI crude prices have hit a low of $52.68.
  • The UK’s main opposition Labour Party moved a step closer to paving the way for another referendum on European Union membership by trying to use Parliament to grab control of Brexit from Prime Minister Theresa May. Lawmakers will debate and vote on the next steps on Jan. 29.
  • The spending power of British workers increased to its highest level in two years in November following the biggest rise in real pay since September 2016. Data showed average weekly earnings, excluding bonuses, rose 3.3 percent year on year in the three months to November, in line with economists’ expectations.