Loonie and Peso Rebound as Trump Pushes for NAFTA Deal
Published April 3, 2018
The Trump administration is said to be pushing for an initial NAFTA deal to be announced at the Summit of the Americas in Peru next week. Both the Canadian dollar and the Mexican peso surged following the announcement.
USD is also under pressure due to continuing concerns over the potential for a global trade war. There is no economic data out of the US today so market participants will be paying even closer attention to today’s Fed speech.
Oil prices regained some ground this morning after plummeting yesterday. Today it appears that the slowdown in US production is overshadowing the potential for increased production out of Russia. WTI crude is up 0.50% to $63.30 with Brent crude up 0.27% to $67.82 at the time of writing.