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FOREX: Dollar Index Just Short Of 2024 Highs On Trump Tariff Comments

FOREX
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USD gains continue after the headlines crossed earlier of Trump plans to raise tariffs on China, Canada and Mexico, in one of his first steps when he assumes office in January next year. 10% is planned for China (on top of all existing tariffs) and 25% for Canada and Mexico. 

  • USD/MXN is up 1.60%, last near 20.625, slightly off session highs (20.7504). Focus will rest on post US election highs, which come in at 20.8072.
  • USD/CAD is up around 0.90%, the pair above 1.4100 in latest dealings (session highs at 1.4167). This is fresh highs back to 2020 for this pair.
  • AUD and NZD are both down around 0.50-0.60%. AUD/USD last near 0.6465/70, NZD close to 0.5810. We saw a brief dip in NZD/USD sub 0.5800, levels last seen in 2023.
  • EUR/USD is down 0.40% to 1.0450.
  • Yen is close to unchanged, last near 154.15/20. The risk off seen in lower US equity futures, off 0.35-0.40% is helping the yen, while the earlier data PPI services printing noticeably firmer than forecast, aiding the BoJ rate outlook.
  • The USD BBDXY index got to 1293.55 (but is now back to 1291). Recent YTD highs rest at 1294.92.
  • US yields are ticking up. 1-2bps firmer across the Tsy benchmarks.   
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USD gains continue after the headlines crossed earlier of Trump plans to raise tariffs on China, Canada and Mexico, in one of his first steps when he assumes office in January next year. 10% is planned for China (on top of all existing tariffs) and 25% for Canada and Mexico. 

  • USD/MXN is up 1.60%, last near 20.625, slightly off session highs (20.7504). Focus will rest on post US election highs, which come in at 20.8072.
  • USD/CAD is up around 0.90%, the pair above 1.4100 in latest dealings (session highs at 1.4167). This is fresh highs back to 2020 for this pair.
  • AUD and NZD are both down around 0.50-0.60%. AUD/USD last near 0.6465/70, NZD close to 0.5810. We saw a brief dip in NZD/USD sub 0.5800, levels last seen in 2023.
  • EUR/USD is down 0.40% to 1.0450.
  • Yen is close to unchanged, last near 154.15/20. The risk off seen in lower US equity futures, off 0.35-0.40% is helping the yen, while the earlier data PPI services printing noticeably firmer than forecast, aiding the BoJ rate outlook.
  • The USD BBDXY index got to 1293.55 (but is now back to 1291). Recent YTD highs rest at 1294.92.
  • US yields are ticking up. 1-2bps firmer across the Tsy benchmarks.