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Markets are looking for a light at the end of the U.S.-China trade talks tunnel

By MoneyWay | Oct 25, 2019

The U.S. and China have made progress in trade discussions and have come close to finalizing parts of a phase one deal, the Office of the U.S. Trade Representative said Friday.The agency issued a statement outlining the state of discussions following a conversation U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin had with Chinese Vice Premier Liu He. “They made headway on specific issues and the two sides are close to finalizing some sections of the agreement,” USTR said. “Discussions will go on continuously at the deputy level, and the principals will have another call in the near future.”

Equity markets have responded favourably to this news on both sides of the 49th parallel, while oil has moved in tandem as well. The Canadian dollar although stronger to the USD has not moved as much as it might have, the Federal election results are still overhanging the Canadian economy and a lot of bad feelings have to be resolved before offshore investors are secure in purchasing Canadian assets.

                                Currently             Close                     Range

USDCAD               1.3060                   1.3071                   1.3057-1.3077

EURCAD               1.4475                   1.4515                   1.4475-1.5430

GBPCAD               1.6764                   1.6798                   1.6732-1.6809

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