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Greenback Surges on Dashed NAFTA Hopes and Disappointing Canadian Data

Published May 18, 2018
  • Trump’s chief NAFTA negotiator said that the US, Canada, and Mexico are “nowhere near close to a deal” which sent USD soaring across the board (with a few notable exceptions, including USD/JPY). US trade representative Lighthizer’s comment flies in the face of Trudeau’s publicly optimistic statement earlier that same day.
  • USD crossed above the 1.29 mark this morning on the NAFTA fallout, combined with disappointing Canadian data showing headline Consumer Price Inflation having slowed in April.
  • Month-over-month Canadian Retail Sales also missed, coming in at -0.2% versus an expected +0.5%.
  • US/China trade talks continue today in DC, though China is disputing reports suggesting the PRC was prepared to reduce its $200 billion annual trade surplus with the United States; the Chinese Foreign Ministry stated they were unaware of any such concessions. Trump himself then expressed doubts that the trade talks would be successful.
  • Oil prices are mixed this morning, with WTI crude down 0.18% to $71.36 and Brent crude up 0.21% to $79.47 at time of writing.