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US Sanctions Russia for Nerve-Agent Attack

Published August 9, 2018
  • The US announced new sanctions on Russia in response to the March 4 nerve-agent attack in the UK, with lawmakers seeking sanctions under a separate bill for election interference. The ruble extended its steepest slide in almost two years and government bonds slumped this morning.
  • US and Mexican negotiators are working to reach a NAFTA auto deal this week that would allow Canada to rejoin talks. Getting an agreement on automobiles would let the US turn its attention to demands that only affect Canada, such as increasing American access to the dairy market north of the border.
  • Saudi’s move to unload Canadian assets had a brief impact on the Canadian dollar, with the loonie depreciating as much as 0.5% to $1.3120 per US dollar when the Saudi Arabian central bank and state pension funds instructed overseas asset managers to dispose of Canadian assets. The impact of the investment freeze is likely to have limited impact to the economy.
  • Turkey’s lira fell to a new record low of 5.449 to the dollar, taking losses for the currency this year to close to 30% as investors fret about the outlook for the country’s economy and worsening relations with the US
  • The USD/JPY pair has recovered lost ground from the recent two-week lows and is now looking to build on its momentum back above the 111.00 handle. The Japanese yen continues to benefit from some safe-haven flows amid escalating trade tensions between the world’s two largest economies.