MNI BRIEF: PBOC Increases Gold Reserves

MNI BRIEF: Japan Q3 GDP Revised Up On Net Exports, Capex

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI China Daily Summary: Friday, December 6

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Greenback Weakens Following Soft US Data, USDMXN Surges Post Sheinbaum Election

FOREX
  • Following the weaker-than-expected ISM manufacturing and prices paid data in the US, treasury yields are seen 9bps lower across much of the curve. The main beneficiary of this in FX has been the Japanese yen and the Swiss Franc, while the Canadian dollar underperforms.
  • USDJPY sits 0.80% lower on the session and slid just below the 156.00 handle in late trade, nearly a percent below the prior session highs of 157.47. For bears, a stronger reversal would again refocus attention on key support at 154.65, the 50-day EMA, and 153.69, a trendline drawn from the Dec 28 low.
  • In similar vein, USDCHF is 0.78% in the red as the Swiss Franc continues its outperformance that was kick started late last week following Hawkish remarks from SNB’s Jordan. We pointed out that moves in both EURCHF & USDCHF appeared corrective at this stage, at least from a technical standpoint, however tomorrow’s key CPI data will likely be the next key driver of short-term CHF sentiment and crucial in forming expectations for the June 20 SNB meeting/decision.
  • In emerging markets, all eyes were on the Mexican peso after the victory for president elect, Claudia Sheinbaum. Concerns over MORENA supermajorities in Congress have prompted some sharp peso weakness with USDMXN currently rising 3.6% on the session, and briefly printing a high of 17.7377.
  • Swiss CPI kicks off the data docket on Tuesday before US JOLTS data. US focus then turns to ISM Services PMI and to Friday’s employment report. Elsewhere, central bank decisions in Canada and for the ECB are highlights this week.
EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.