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US FX Handover: Tariff Headlines on Three Fronts

  • Trade headlines dominate once again: President Trump decided to postpone his decision on EU automobile tariffs for six months, while Treasury Secretary Mnuchin noted that the US was close to a deal with Mexico and Canada on steel tariffs. Finally, the WSJ suggested that a US delegation may head to China for trade talks next week, though that hasn’t been confirmed.
  • The loonie was the strongest major currency today, boosted by rising oil prices after a smaller-than-anticipated buildup of inventories.
  • The pound was once again the weakest major currency as UK Brexit Secretary Barclay describes talks with Labour as “challenging.”
  • US indices rose for the second straight day and the US dollar index held steady amidst a slight risk-on tone to trade.


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