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FOREX: USD Recovers Some Ground Versus JPY, MXN Up

FOREX
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Early G10 FX trends are seeing modest USD gains, mostly against JPY and CHF at this stage. The BBDXY index was last near 1280, which is close to flat versus end NY Wednesday levels. MXN is up firmly though, following a call between incoming US President Trump and Mexican President Sheinbaum. 

  • USD/JPY is up around 0.25%, last near 151.50, unwinding some of Wednesday's yen outperformance. Wednesday intra-session lows were at 150.46, very close to the simple 50-day MA. Current spot levels aren't too far away from the 50-day EMA.
  • There doesn't appear to be any fresh catalyst for this rebound. US Tsy futures are down slightly, although there is no cash trading today due to the US Thanksgiving holiday.
  • USD/CHF is up around 0.15%, last near 0.8825/30. US equity futures are up a touch in the first part of Thursday dealing.
  • A$ and NZD are close to flat. AUD/USD last near 0.6500. NZD/USD is around 0.5890/95. Earlier data showed filled jobs down 0.1% m/m in Oct, off 1.5% y/y. The ANZ activity outlook for NZ firmed to 48.0 from 45.9, while business confidence edged down slightly to 64.9.
  • USD/CAD is down a touch, last near 1.4015/20, while MXN is up around 0.50% versus the USD. This follows a discussion between incoming US President Trump and Mexican President Sheinbaum. Trump said the call was constructive and that Sheinbaum agreed to stop migration through Mexico (per Truth Social/BBG). They also discussed stopping drug flows.
  • This follows earlier threats this week from Trump around tariffs on Mexico and Canada in relation to drug and migration flows.
  • For the rest of the session, the data calendar is light in Asia Pac. 
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Early G10 FX trends are seeing modest USD gains, mostly against JPY and CHF at this stage. The BBDXY index was last near 1280, which is close to flat versus end NY Wednesday levels. MXN is up firmly though, following a call between incoming US President Trump and Mexican President Sheinbaum. 

  • USD/JPY is up around 0.25%, last near 151.50, unwinding some of Wednesday's yen outperformance. Wednesday intra-session lows were at 150.46, very close to the simple 50-day MA. Current spot levels aren't too far away from the 50-day EMA.
  • There doesn't appear to be any fresh catalyst for this rebound. US Tsy futures are down slightly, although there is no cash trading today due to the US Thanksgiving holiday.
  • USD/CHF is up around 0.15%, last near 0.8825/30. US equity futures are up a touch in the first part of Thursday dealing.
  • A$ and NZD are close to flat. AUD/USD last near 0.6500. NZD/USD is around 0.5890/95. Earlier data showed filled jobs down 0.1% m/m in Oct, off 1.5% y/y. The ANZ activity outlook for NZ firmed to 48.0 from 45.9, while business confidence edged down slightly to 64.9.
  • USD/CAD is down a touch, last near 1.4015/20, while MXN is up around 0.50% versus the USD. This follows a discussion between incoming US President Trump and Mexican President Sheinbaum. Trump said the call was constructive and that Sheinbaum agreed to stop migration through Mexico (per Truth Social/BBG). They also discussed stopping drug flows.
  • This follows earlier threats this week from Trump around tariffs on Mexico and Canada in relation to drug and migration flows.
  • For the rest of the session, the data calendar is light in Asia Pac.