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Market Update

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

Pound Clobbered As May Aborts Brexit Vote

Published December 11, 2018

The Pound was the biggest loser overnight falling to a 15-month low against the NZD as the UK Prime Minister postponed her Brexit vote. US and EU stocks declined further overnight amid global growth concerns, Brexit and trade tensions between US and China.

Brexit in Disarray as UK PM May Postpones Parliamentary Vote

Sterling fell to a 20-month low against the USD after British PM Theresa May delayed the Brexit vote originally scheduled for tomorrow. PM May made the call to abort the vote as the deal as it stands “would have been rejected by a significant margin”, May admitted, adding that she was confident that it was the right deal. The UK in the meantime will step up contingency planning for a no-deal Brexit when it is due to leave on 29th March. Theresa May will now go back to the EU and seek reassurances on the Northern Ireland backstop plan.

1st March ‘hard deadline’ for US-China Trade Deal

US Trade Representative Robert Lighthizer said there is a “hard deadline” for US-China trade negotiations to be wrapped up by 1st March. If trade talks fail to come to an agreement during that time, new tariffs will be imposed adding fresh concerns over trade tensions.

Local data today: NZ electronic card sales
Across the ditch: Australian consumer confidence
Tonight: UK unemployment