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US and Mexico Finalizing NAFTA Resolution | Brexit Failure Risks ‘Unsustainable Legal Vacuum’

Published August 27, 2018
  • US trade negotiators are close to finalizing talks with Mexico on resolving NAFTA differences. Discussions are likely to wrap up later today, which would provide an opening for Canada to rejoin discussions as early as this week.
  • Theresa May and the UK government are facing a race against time to pass multiple new laws, or run the risk of creating an “unsustainable legal vacuum” if Britain plunged out of the EU without a deal, stated Keir Starmer. The pound is currently steady against all major currencies and in line with other ‘risk on’ currencies.
  • Turkey’s lira was more than 3% lower this morning in the first trading session since domestic markets opened after holidays. The continuing standoff with the US and President Erdogan’s policies have analysts expecting further volatility for the currency.
  • Futures of West Texas Intermediate have held above $68 a barrel on slowing American drilling and investor optimism after a breakthrough in a trade standoff between the US and Mexico. Working oil rigs in the US had declined the most since May 2016, last week.