Investing.com – The dollar rose against a basket of major currencies shrugging off a steep rise in the Canadian dollar following reports that the Trump administration is set to announce an updated North American Free Trade Agreement (NAFTA) deal next week.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.17% to 89.84.
US President Donald Trump is expected to announce a new NAFTA deal at the Summit of the Americas in Peru next week after meeting with representatives from Mexico and Canada, Bloomberg reported, citing sources.
Reports of progress on NAFTA easing months of investor uncertainty following several rounds of negotiation among the U.S., Canada and Mexico representatives.
fell 0.94% to C$1.2791, while fell 0.24% to 18.200. The rise in the peso was somewhat subdued as Trump recently warned that Mexico “must stop the big drug and people flows” into the U.S., or he would “stop their cash cow, NAFTA.”
The rise in the greenback comes amid somewhat dovish comments from Minneapolis Federal Reserve President Neel Kashkari, who said it’s not clear how tight the labor market is and conceded that he was surprised at the extent that the tax cuts had lifted confidence. Kashkari warned, however, that he’s not sure if the legislation will boost investment or long term growth.
The yen – a popular safe-haven destination for investors- gave back some of its recent gains as sentiment on riskier assets improved, with the up 0.51% to Y106.44.
fell 0.31% to $1.2264, while rose 0.10% to $1.4059 as the latter pair was supported by
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Sterling Advances as Lawmakers Grab Brexit Control From May - March 26, 2019
- Forex – Pound Little Changed After Parliament Takes Control of Brexit Process - March 26, 2019
- Dollar ticks up vs. yen as risk aversion ebbs, Brexit saga checks pound - March 26, 2019