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Market Update

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

WTI Approaches New Highs | US Factory Orders Released

Published April 8, 2019

• Crude is closing in on the highest trading levels in months this morning, with a barrel of West Texas Intermediate trading at $63.45. This comes as a consequence to the escalation of unrest in Libya increases supply concerns.
• USDCAD is sliding this morning currently trading at 1.3366. The pair is set to price in the latest Canadian housing market data coupled with US factory orders. Canada’s seasonally adjusted housing starts could increase to 193,000 from 173,000.
• Brexit faces another pivotal week as this Friday will either bring an official or an official delay to the proceedings. British Prime Minister Theresa May is looking to start negotiations with opposition leader Jeremy Corbyn as she continues to search for a compromise deal that she can present to EU.
• Concluding talks on a deal to end the US trade war with China will continue this week. President Xi Jinping has called for an early conclusion to the negotiations, while mentioning the progress made during Vice Premier Liu He’s visit to Washington last week.