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Loonie Extends Gains Against the Dollar | ‘No-Deal’ Brexit?

Published August 28, 2018
  • President Trump said the US is pursuing a trade accord with Mexico to replace the North American Free Trade Agreement. The Mexican President said he’s “quite hopeful” Canada would soon be incorporated in the new deal. Markets will likely welcome a deescalation of the trade standoff in North America. Trudeau spoke with Trump Monday, with the prime minister’s office describing it as a “constructive” call.
  • Top North Korean officials warned the United States in a letter that denuclearization talks are “again at stake and may fall apart.” The letter was delivered to US Secretary of State Mike Pompeo.
  • British Prime Minister May said that a no-deal Brexit would not be the end of the world, stating that no deal would be better than a bad deal for the UK. Sterling dipped against the dollar following the statement, and has extended its decline against the euro in trading this morning.
  • OPEC and its Russia-led non-OPEC partners reduced their total oil production in July by 9% more than what they had agreed upon. Oil prices are trading slightly higher Tuesday, supported by prospects of a breakthrough in the US-Mexican talks on NAFTA.