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Market Update

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

Fed Chair Powell Speaks at Jackson Hole | NAFTA Negotiations Continue

Published August 24, 2018
  • Low-level talks failed to produce any development on the trade standoff between China and the US. Chinese officials raised the possibility of a discontinuation of discussions with the US and it seems probable that the tariff war between the countries is now primed to escalate further.
  • NAFTA negotiations between the US and Mexico are set to continue into next week, with Mexican Economy Minister Guajardo stating both sides have yet to resolve all outstanding issues. Canada is set to remain on the sidelines until the US and Mexico can resolve major trade concessions.
  • Federal Reserve Chair Jerome Powell will give a speech on monetary policy in a changing economy at 10:00am EST as part of the Jackson Hole symposium in Wyoming. It will be Powell’s first speech since President Trump’s latest criticism of the bank’s policies.
  • The Australian treasurer, Scott Morrison, is set to be the country’s next prime minister after Malcolm Turnbull was ousted on Friday. It came after Morrison won a three-way battle for the Liberal Party leadership. Morrison won 45 votes to 40 at the leadership meeting. Turnbull did not contest for the vote after it became clear that he had lost the support of majority of his party members.