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Market Insight Commentary – Forex
Today's News Headlines
- US farmers are to receive $ 4.7bln in subsidies due to the tariffs placed on them – there may be some stuff I am not understanding, but isn’t this a net zero effect?
Market Insight Commentary – Indices
Market Recap
The morning started with news of a US-Mexico agreement on NAFTA very early in the morning and this was later confirmed by the White House. The Mexican Peso immediately strengthened by around 2% and I think that this was the catalyst for the emerging market currencies to take a dive and this allowed the ZAR to make back some of the recent losses.
This also means that Canada will come into the spotlight and it seems optimistic that they will join the deal in short time. The USDCAD fell by around 67 pips, all the way to 1.2958 and finished near the lows of the day. The US will have you believe that the US and Mexico have created the NAFTA conditions and will give Canada a take it or leave it ultimatum – I think that the shoe is on the other foot and that Canada hold all the cards, NAFTA just won’t work without them, and you can’t discount that they could offer Mexico a sweeter deal that excludes the US.
All the pairs look extended against the dollar today, likewise the equities ran hard last night. You would think that there would be in the very least some profit taking today, the UK was out yesterday and so we will get a better idea on where the market is later this morning.
Important Economic Data Due Today
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