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Market Update

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

Commodity Currencies Lifted on Higher Oil Prices

Published April 9, 2019

The NZD opens a touch firmer against the USD as oil prices rise.

Oil prices hit 5-month high

Oil prices struck a 5-month high overnight as a consequence of the escalation of unrest in Libya, along with US sanctions against Iran and Venezuela and have markets concerned of a supply shortage. Crude oil was up 2% and provided a lift for commodity currencies.

May Considers Offering Lawmakers A Vote on Second Brexit Referendum

The telegraph reported that UK PM Theresa May is considering giving MPs a vote on a second Brexit referendum in an attempt to break the deadlock in talks with the opposition Labour Party. May is desperate to find a compromise deal that she can present to the EU ahead of a crisis EU summit held on Wednesday where she plans to try to delay the 12th April deadline.

Upcoming Data:

Today we have the Australian February Housing Finance at 1.30pm today

Main risk events this week are the ECB rate announcement on Wednesday night with little room for the ECB to move, followed by the FOMC meeting minutes meeting and US Inflation Thursday morning