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Market Update

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

Canadian Trade Delegation Prepares for NAFTA Talks; Euro Moves Higher Despite Tensions in Spain

Published October 10, 2017
  • Canadian Prime Minister Justin Trudeau is set to meet US President Donald Trump tomorrow to discuss ongoing NAFTA concerns; Trudeau will try to persuade Trump to focus on Mexico as the source of US trade issues
  • Trudeau will arrive in Washington along with Canada’s trade delegation to commence the fourth round of NAFTA negotiations; Foreign Minister Chrystia Freeland noted that Trudeau aims to “explain really clearly to the President… that Canada is not America’s problem”
  • The Euro improved to its highest level in one week today, after the European Central Bank indicated that European banks under its jurisdiction are well prepared for higher interest rates; the multi-national currency also received a boost from a data release on the German trade balance
  • Traders are largely moving past concerns regarding Catalonia and its possible separation from Spain; Regional leader Carles Puigdemont may put forth a declaration of unilateral independence from Spain in a session with voters later today
  • Global stocks are higher this morning despite the ongoing tensions in Spain; Asian stocks finished higher, European shares dipped due to Spain’s Ibex falling nearly 0.7%, US stocks point to a higher opening on Wall Street later this morning
  • Oil prices are up this morning after Saudi Arabia announced a plan to reduce its oil deliveries in November; production shut down in the US due to Hurricane Nate are also moving prices higher