EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Upcoming G7 Meeting Stokes Trade Tensions; Canadian Job Numbers Disappoints
Published June 8, 2018
A potentially contentious G7 summit kicks off in Charlevoix, Quebec today as leaders seek to resolve ongoing trade issues between the US and other members. The media has dubbed the event as the “G6+1” to indicate the lack of cooperation between the Trump administration and other national leaders.
President Trump has directly lashed out at Canadian Prime Minister Justin Trudeau for unfair trade practices ahead of the meeting; Trump cited a 270 percent dairy tariff as his largest issue with Canada, complaining that this apparent trade protectionist measure was very harmful for American farmers.
President Trump noted that he was looking forward to a one-on-one meeting with Prime Minister Trudeau and that he hoped to resolve the issue quickly; German and French leaders, however, have stated they will not sign a joint statement unless the US offers concessions.
Data on Canadian employment change showed a loss of 7,500 jobs for Canada for the month of May; this decrease in employment numbers came from a large decrease in the core working ages of 25 to 54.
The Ontario Conservative Party secured a majority victory in yesterday’s provincial election; voters swung towards change from Doug Ford, with final results showing 76 seats for the Progressive Conservatives, 40 for the NDP, 7 for the Liberals and 1 for the Green Party.