A deal seems close as auto demands weakened

-Pres Trump reportedly softens key NAFTA demand regarding automotive content
-to lower 85% sourcing demand on some auto parts
– Trump’s proposal is reportedly to set parts rules by size and type
-Canada Foreign Min Freeland: US and Canada are making good progress on NAFTA;
-Negotiations are nearing a ‘decisive moment’
– Canada-US trade is hugely mutually beneficial
– Sees progress on auto rules of origin

We seem very close to a deal on Nafta. Both Mexican and Canadian reps are in the States negotiating. CAD and MXN had already gained back the losses on some late border hard balling from US’ side, but have accelerated the move now. Both currencies moving stronger in tandem breaking yesterday’s highs.

USDCAD 1.2760 – CADJPY 83.65 – EURCAD 1.5673
USDMXN 18.09

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