The Philippines are the latest nation to confirm a trade deal with the USA, with a visit to the Whitehouse and well inside the August 1st deadline. This was further good news for the administration and adds pressure on hold-out nations, especially the EU. This did little for the US Dollar, which continued to lose ground. The EUR jumped to 1.1750, while the GBP broke above 1.3500, despite more bad fiscal news. The June deficit in the UK, was near record levels and well above forecasts, adding further pressure on the Chancellor and the UK Government.The weaker reserve allowed for further recovery in commodity currencies, with the AUD heading back to 0.6550, while the NZD looks to regain 0.6000. The volatile markets will continue for at least another week, until the August 1st deadline for trade deals and thereafter the fallout.
