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Market Update

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

Pound Slumps as Brexit no-deal rejected

Published January 30, 2019

The NZD has held relatively firm this morning ahead of crucial trade talks and the Federal Reserve’s policy meeting tomorrow morning.

UK Parliament Vote in favour to reopen amendment on Irish Border Backstop

The pound extended its losses this morning as British lawmakers have voted against a proposal by Labour lawmaker Yvette Cooper to delay Brexit and also rejected an amendment that could have ruled out a no-deal Brexit. Lawmakers have now backed the J Brady amendment that seeks May to return to Brussels to reopen negotiations on the Irish Border backstop with unspecified “alternative arrangements” to avoid a hard border in Ireland. Sterling falls 0.7%

US Charges against Huawei could intensify China trade talks

President Trump is expected to meet Vice Premier Liu He during critical trade talks scheduled today and tomorrow. This comes as US prosecutors have alleged Huawei Technologies stole trade secrets from American companies and committed bank fraud by doing business with Iran in charges placed in New York yesterday. Hauwei lawyer says CFO Meng “Should not be a hostage” in sino-US relations after US presses charges. More tariffs expected if no deal reached.

US consumer confidence falls to 18-month low

US consumer confidence fell to 120.2 in January after plummeting to a revised 126.6 in December. The fall in the index was much greater than expected and was mainly driven by the government shutdown. Economists had forecast the index to fall to 124.3 from the 128.1 reported in December.

Australian inflation numbers are due out at 1.30pm today which could see volatility in NZDAUD