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EMFX on the march as Trump indefinitely.......>

FOREX
FOREX: EMFX on the march as Trump indefinitely suspends Mexico tariffs
-MXN has been the big mover Monday as Mexico and the US struck a deal over the
weekend to avert the installation of 5% tariffs of Mexican goods headed to the
US. USD/MXN has now erased the entirety of the move higher seen following
Trump's initial threat, helping ease tensions elsewhere and support equity
futures on both sides of the pond. This has helped nudge USD/JPY higher in
tandem, which gapped back above Y108.50 at the open. The positive sentiment has
failed to lift antipodean FX with AUD and NZD at the bottom of the G10 pile.
-A somewhat stable GBP took a knock poorer-than-expected output data, with
industrial and manufacturing production falling well below forecast for the
month of April. GBP/USD slipped back below $1.27 in response. Focus this week
remains on the Conservative leadership race which officially kicks off today,
deciding the UK's Prime Minister for the next phase of Brexit.
-The data calendar is empty with the exception of US JOLTs for April, with a
light speaker schedule as the Fed entered the blackout period on Saturday. BoE's
Haldane and Saunders are both due to speak.

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