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FOREX: USD Consolidates After Sharp Wed Drop, MXN Up As Trump & Sheinbaum Speak

FOREX
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After a sharp pull back on Wednesday, USD sentiment has stabilized somewhat in the first part of Thursday trade. The BBDXY was last near 1280, little changed for the session. Yen is the weakest performer in the G10 space at the margins, off a little over 0.30%. 

  • FX sentiment has been impacted by various headlines. MXN rallied after incoming US President Trump stated on Truth Social he had a successful phone call with Mexican President Sheinbaum. The border issue and controlling drug flows were discussed. USD/MXN fell to lows of 20.3824, but sits back near 20.42 in latest dealings (up nearly 0.90% for the session.
  • The NYT noted there were differing interpretations around migration details from the call. Still, the market will see anything that reduces tariff chances as a positive.
  • USD/CAD is down slightly, last near 1.4020.
  • USD/JPY sits up near 151.60.  After being up 2.4% in the first sessions for the week, today has seen a modest pullback. Earlier lows in the pair were at 150.93. US equity futures are also a touch higher. US Tsy futures are down slightly, although there is no cash trading given the US Thanksgiving holiday. USD/CHF is up around 0.20% to 0.8835.
  • AUD/USD is down slightly, last near 0.6485/90. Q3 capex trends were mixed, but didn't impact sentiment. China equities are down, amid potentially further US curbs on China chips, although the BBG story stated the curbs weren't as bad as feared.
  • NZD/USD is also quite steady, last near 0.5890. Jobs filled data was lower, but the ANZ survey measure saw an improved outlook.
  • Looking ahead, the US is closed for Thanksgiving. ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending.
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After a sharp pull back on Wednesday, USD sentiment has stabilized somewhat in the first part of Thursday trade. The BBDXY was last near 1280, little changed for the session. Yen is the weakest performer in the G10 space at the margins, off a little over 0.30%. 

  • FX sentiment has been impacted by various headlines. MXN rallied after incoming US President Trump stated on Truth Social he had a successful phone call with Mexican President Sheinbaum. The border issue and controlling drug flows were discussed. USD/MXN fell to lows of 20.3824, but sits back near 20.42 in latest dealings (up nearly 0.90% for the session.
  • The NYT noted there were differing interpretations around migration details from the call. Still, the market will see anything that reduces tariff chances as a positive.
  • USD/CAD is down slightly, last near 1.4020.
  • USD/JPY sits up near 151.60.  After being up 2.4% in the first sessions for the week, today has seen a modest pullback. Earlier lows in the pair were at 150.93. US equity futures are also a touch higher. US Tsy futures are down slightly, although there is no cash trading given the US Thanksgiving holiday. USD/CHF is up around 0.20% to 0.8835.
  • AUD/USD is down slightly, last near 0.6485/90. Q3 capex trends were mixed, but didn't impact sentiment. China equities are down, amid potentially further US curbs on China chips, although the BBG story stated the curbs weren't as bad as feared.
  • NZD/USD is also quite steady, last near 0.5890. Jobs filled data was lower, but the ANZ survey measure saw an improved outlook.
  • Looking ahead, the US is closed for Thanksgiving. ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending.