Carney didn't get "Zelensky'd".
That bar for today's meeting between the North American leaders was to avoid a meltdown and as the picture above shows, it went well enough.
The Canadian PM is out with a readout now and said discussions were 'constructive' and 'wide ranging' and agreed to discuss more and have a meeting at the G7. Those are mostly coded words and not exactly great ones.
If you are a CAD bull, you would have hoped for some positive talk about a reset and a North American bloc but that wasn't really the case. If you are a CAD bear, you would have hoped for a damaging breakdown.
Neither of those things happened so it looks like the status quo.
"I think we established a good basis today," Carney said.
In the bigger picture today, the US dollar is selling off broadly and that has USD/CAD down 56 pips to 1.3769. The broader market is starting to worry about the lack of progress on trade deals.
I fear that a nine-day stock market rally has emboldened Trump to push harder on tariffs and that's going to make trade deals with allies a very tough proposition.
More from Carney:
There were no decisions on tariffs todayIt is a very complex situationI was clear with Trump that Canada will never be for saleWe made progress, had very comprehensive, tangible exchangesThere will be meetings between ministers and officialsProgress would not necessarily be evident during negotiations This article was written by Adam Button at www.forexlive.com. Read More Details
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