The steel and aluminium tariffs on imports from Canada, Mexico and the E.U. into the U.S. led to weakness in the loonie and the Mexican peso particularly, not so much the euro. In reaction to the news on Thursday, USD/CAD jumped to 1.2990 erasing losses made earlier this week. USD/MXN rose to 20.04, the highest since February 2017. U.S. steel and aluminium companies benefitted from the news, with their stock prices rising on the news.
Daily Analysis - 01/06/2018