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European Union Leaders Meet; Emerging Market Currencies Underperform

Published June 28, 2018
  • European Union leaders gather in Brussels for a two-day meeting as the bloc faces a range of challenges from immigration to Brexit. With German Chancellor Angela Merkel plagued by growing domestic political pressure to forge EU agreement over border controls. British Prime Minister Theresa May is likely to hear more warnings from her European colleagues over how the nation will exit the bloc.
  • The time and location of the summit between President Donald Trump and Russia leader Vladimir Putin will take place on July 16th in Helsinki. US National Security Adviser John Bolton played down expectations for concrete outcomes from the meeting at a press conference in Moscow. Vice President Mike Pence said he expects the leaders to discuss Russian meddling in US elections, with Ukraine and Syria also likely to be on the agenda.
  • Emerging market currencies continue to perform poorly with India’s rupee falling to an all-time low against the dollar. The latest setback for the asset class has upended China’s yuan, which has long enjoyed haven status among developing nations.
  • US trade officials have stated that Canada is continuing to block a speedy NAFTA agreement, accusing the country of being “dug in” over protections for the dairy industry even as a deal with Mexico appears close. North American Free Trade Agreement negotiations are expected to begin again after the Mexican presidential election on July 1.