NAFTA negotiations in progress
Part of the Trump goals is to renegotiate NAFTA between Mexico and Canada. Mexico has come out with some "aims" for the NAFTA agreement.
Below are some of the highlights:
- Aims to unify agricultural, animal and health safety regulations
- Aims to increase integration of labor markets in North America
- Aims to strength the dispute resolution mechanisms of NAFTA
- Aims to protect intellectual property of domestic content producers
- Aims to incorporate measures to reflect the transformation of the regional energy sector and strengthen regional energy security
- Aims to include transparency and anti corruption measures
- Aims to capitalize and regionally strengthen the NA development bank.
Also announced today, Kenneth Smith will be the Mexican's chief negotiator for the NAFTA talks which will begin officially on August 16th in Washington, DC. Despite the anglo-sounding name, he is "super Mexican" according to the economy minister Guajardo. Smith is a veteran Mexican trade policy expert and currently serves as director of the Trade and North American Free Trade Agreement office at the Mexican embassy in Washington.
What does the USDMXN technical's look like?
Focusing on the hourly chart, the pair has been correcting/consolidating. Yesterday, the pair moved to the highest level since July 12th. That move stalled at the 200 bar MA on the 4-hour chart (currently at 17.88476 - see chart below). The low today stalled ahead of the 100 hour MA at 17.7284 currently.
