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Market Update

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

Canada Resumes NAFTA Negotiations | US GDP Grows by 4.2%

Published August 29, 2018
  • NAFTA negotiations have resumed today in Washington with an emphasis on dairy as the US pressures Canada to agree to a deal by Friday. Canada’s Foreign Minister Chrystia Freeland is expected to meet with US trade representative, Robert Lighthizer, starting at 9 am EST Wednesday.
  • A Brexit deal by the end of October is no longer seen as realistic by EU and UK negotiators, with both sides now expecting negotiations to run into November. This extended timeframe runs the risk that there won’t be a deal in place by the UK’s exit in 2019.
  • The Turkish lira fell further this morning, losing as much as 2% against the dollar. This comes despite efforts from the central bank to generate investor interest by tightening liquidity and ending unrestricted overnight funding to local banks.
  • A barrel of West Texas Intermediate for October delivery was trading at $68.75. Despite the US sale of 11 million barrels of oil from an emergency stockpile, this is not expected to offset the Iran sanctions which could remove as much as 1 million barrels a day from the global market.