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Market Update

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

New NAFTA Deal Reached | Brent Crude Near Four-Year High

Published October 1, 2018
  • After more than a year of negotiating a new North American Free Trade Agreement, Canada, the US and Mexico have finally inked a trade deal. Foreign Affairs Minister Chrystia Freeland and United States Trade Representative Robert Lighthizer released a joint statement Sunday night announcing the new deal, which will be called the United States-Mexico-Canada Agreement (USMCA).
  • Brent crude hovered close to its highest levels since November 2014, supported by supply concerns ahead of US sanctions against Iran coming into force next month. Brent crude prices have hit a high of $83.32.
  • Canada’s economy grew by a stronger than expected 0.2 percent in July. Economic growth accelerated in the second quarter at the fastest pace in a year, driven by sharp increases in exports and consumer spending.
  • The lira gained as data showed the Turkish economy has started re-balancing after months of overheating. The advance was supported by speculation over the potential for a detente between Turkey and its western allies. Lira surged to 5.8770.