Money & The Economy

Peso, Canadian Dollar Rally After Trump Secures New North American Trade Deal

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by Evie Fordham

The Mexican peso and Canadian dollar rallied Monday after news that U.S. President Donald Trump had secured a new trade deal with its North American neighbors Sunday.

The Canadian dollar gained 0.8 percent against the U.S. dollar to reach its strongest level since May, and the Mexican peso gained 0.9 percent to reach its strongest level since early Augustreported the Wall Street Journal.

U.S. stocks also got a boost as the futures market “pointed” to a 0.6 percent opening gain for the S&P 500, according to the WSJ.

“Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico,” Trump wrote on Twitter Monday. “It is a great deal for all three countries, solves the many deficiencies and mistakes in [the North American Free Trade Agreement], greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world.”

The new United States-Mexico-Canada Agreement will replace the 25-year-old North American Free Trade Agreement, reported Business Insider.

The U.S. struck an eleventh-hour deal with Canada after making an agreement with Mexico in August, reported Business Insider.

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