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The loonie and the peso are making gains on the dollar after the White House announced it had “agreed not to terminate Nafta at this time” on Wednesday night.

The Mexican peso strengthened as much as 1.1 per cent to 18.9859 per dollar, pulling it back from a five-week low against the US currency.

The Canadian dollar gained as much as 0.6 per cent to C$1.3534. The loonie hit a 14-month low on Wednesday and had been under additional pressure since Monday when the Trump administration announced it would impose a 20 per cent tariff on lumber imports from The Great White North.

The dollar index measuring the greenback against a basket of global peers is off 0.2 per cent in Asia trading at 99.881.

Copyright The Financial Times Limited 2017. All rights reserved.

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