The Mexican peso and Canadian dollar rallied Monday after news that U.S. President Donald Trump secured a 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 August, reported 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 TheWSJ.
“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.”
Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solves the many……
— Donald J. Trump (@realDonaldTrump) October 1, 2018
The new United States-Mexico-Canada Agreement will rework the 25-year-old North American Free Trade Agreement (NAFTA), reported Business Insider. (RELATED: Trump Announces New Trade Deal With Canada, Mexico)
The U.S. struck an 11th-hour deal with Canada after making an agreement with Mexico in August, reported Business Insider.
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