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Market Update

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

NAFTA Talks Postponed to May 7th; Investors Prepare for Busy Week

Published April 30, 2018
  • Trade representatives from the US, Canada and Mexico revealed that they will postpone NAFTA negotiations until May 7, noting that more time is needed for consultations in the auto industry after four consecutive days of talks between trade ministers.
  • The Trump Administration’s threat to impose steel aluminum tariffs on Canada and Mexico is soon to meet President Trump’s deadline of May 1 for better trade terms from America’s neighbors. It is unclear whether the deadline for these tariffs will also be extended to May 7th.
  • US stocks are pointing to a higher open this morning as investors prepare for a busy week of corporate earnings and US economic data. The Toronto Stock Exchange will reopen today after temporarily shutting down on Friday due to a technical error.
  • Investors are awaiting fresh economic assessments from the Federal Reserve’s FOMC statement & Fed funds rate decision later this week. US non-farm employment change will also be released on Friday.
  • Canadian GDP figures are set to be released tomorrow morning; economic data showed that raw material prices and prices for final goods sold by manufacturers increased.