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US Starts NAFTA Renegotiation Process; Oil Prices Move Higher

Published May 19, 2017
  • US trade representative Robert Lighthizer gave official notice to US congress yesterday that the Trump Administration will be renegotiating NAFTA with Canada and Mexico
  • Negotiations will start as soon as August 16 in which Lighthizer will work with US Congress members to determine the US’s official stance on the 23-year-old agreement
  • The US government is aiming to complete internal dialogues and have a final deal in front of Congress by the end of 2017
  • The Mexican peso briefly took on sharp losses throughout trading sessions yesterday but has since recovered; the Canadian dollar, however, was little changed on the news
  • Oil prices are creating downward pressure on the USD/CAD rate this morning as an over 1% increase in both WTI and Brent Crude are lending strength to the loonie
  • An OPEC panel is tasked with considering an opportunity to deepen and extend supply cuts; the group will meet next on May 25th in Vienna to release official numbers on cut amounts and duration
  • Canadian inflation numbers came in at expectations at 0.4%; core retail sales disappointed with a reading of -0.2% versus an expected 0.2%