Euro Subdued Before ECB Decision | Brexit Summit Set for November?
Published September 12, 2018
Canada is preparing to offer the United States access to the Canadian dairy market as a concession in negotiations to rework NAFTA. President Trump said that trade talks with Canada were going well and that Ottawa wants to make a deal. Canada’s protected dairy industry is one of three sticking points in NAFTA talks between the two countries.
Demand for the greenback amid looming US-China trade concerns and uncertainty over trade talks between the US and Canada continues to keep the EUR/USD pair under pressure so far this Wednesday. The passive movement is motivated by increased cautiousness heading into the European Central Bank monetary policy meeting tomorrow.
A barrel of West Texas Intermediate for October delivery is trading at $70.02. Crude is holding onto gains following yesterday’s US inventory data that increased fears of a supply crunch. Russian Energy Minister Alexander Novak stated that the country could add as many as 300,000 barrels per day to production within a year.
The UK and the EU are preparing for a special summit to sign the Brexit deal in November with details regarding the meeting to be announced this week. Despite the more positive atmosphere surrounding the talks with the EU, Prime Minister Theresa May is facing a renewed threat from inside her own party in relation to the deal.