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Market Update

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

‘Cheap Money’ Comments Hit Greenback | Canada Poised to Re-enter NAFTA Negotiations

Published August 21, 2018
  • President Trump criticized Federal Reserve Chairman Jerome Powell for raising rates instead of being the “cheap-money Fed chairman” he wanted. Trump continued by stating that Mr. Powell “should be given some help by the Fed”. The greenback weakened following the comments, with the euro trading above $1.1500 for the first time in almost two weeks.
  • The US and Mexico are likely to reach an accord on NAFTA soon, which would permit Canada to re-enter trade talks as early as this week. The US is still demanding a sunset clause that would require NAFTA to be re-approved every five years, something both Canada and Mexico say would be unacceptable.
  • Trump accused China and the European Union of currency manipulation. This statement conflicting with the US Treasury Department’s recent report that did not name China or the EU as currency manipulators during a semi-annual investigation into foreign-exchange policy.