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Market Update

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

NAFTA Isn’t Dead Yet | Turkish Lira Takes a Breather

Published September 28, 2018
  • Prime Minister Justin Trudeau said that a NAFTA deal is still very possible and shrugged off US President Donald Trump’s criticism that talks to modernize NAFTA were moving too slowly. Trudeau made it clear they will keep negotiating as long as there is a chance of success.
  • The Turkish lira strengthened to its highest level in a month on growing optimism about a rapprochement with the US, and after one of Turkey’s biggest private lenders secured a critical new loan deal. Lira surged to 5.9310.
  • The US economy grew as expected in the second quarter as gross domestic product rose at its quickest rate in nearly four years. US real gross domestic product for the second quarter rose at a 4.2% annualized rate.
  • Federal Reserve Chairman Jerome Powell played down the signal being sent by a flatter yield curve and said the risk of recession was not especially high. In his speech in Washington, he said there’s no reason to think that the probability of a recession in the next year or two is at all elevated.