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Trump Threatens Governenment Shutdown and Termination of NAFTA

Published August 23, 2017
  • USDMXN weakened more than 1% after Trump warned he may terminate the NAFTA trade treaty with Mexico and Canada. Initial three-way talks have failed to bridge deep differences. Trump suggests that a termination might help jumpstart the negotiations. Trump also raised the possibility of a government shutdown to fulfill a campaign pledge of building a wall at the U.S.-Mexican border
  • Futures pointed to a lower opening for Canada’s main stock index today as oil prices fell (Brent Crude down 0.5%, WTI Crude down 0.4%), weighed down by concerns about rising production from Libya feeding into an oversupplied market.  Crude Oil Inventories to be released at 10:30am EST today
  • CAD is relatively stable this morning despite Trump’s NAFTA comments and lower oil prices
  • ECB president Mario Draghi steered clear of any reference to the future path in euro zone monetary policy in a speech in Lindau, Germany today, focusing instead on the need for vigorous research regarding unconventional monetary policies. Fed Chair Janet Yellen’s and Draghi’s comments in Jackson Hole later this week will be watched closely for fresh policy signals but expectations for hints on major policy shifts are low
  • Any movement in the Canadian dollar will largely be driven by external sources, with a very light Canadian data calendar for the rest of this week, and nothing scheduled from the Bank of Canada until the September 6th rate decision (no change expected) and accompanying statement