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Market Update

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

NAFTA Nations Pushing for Deal this Month | US Retail Sales Data Released

Published August 15, 2018
  • The US, Mexico and Canada have a good opportunity to reach a NAFTA agreement this month. The nations are pushing for a deal by the end of this month to allow sufficient time for President Trump and his Mexican counterpart President Nieto to sign the pact before President-Elect Obrador takes office Dec 1.
  • Base metals continue to fall with most contracts dropping more than 2%. Dollar strength and growing fears over raw-material demand from China and other developing nations has led the sell off.
  • A barrel of West Texas Intermediate was trading at $66.12 at the time of writing, after a report showed increasing US stockpiles.
  • This morning, US retail sales data for July are released; economists are expecting a 0.1% increase over the month, well below June’s 0.5% growth. Retail sales will be boosted in July from Amazon’s Prime Day promotion. Despite this, additional reports reflect a drag on auto sales.