February 03, 2025 15:28 GMT
CROSS ASSET: MXN Surges, CAD Follows, as Sheinbaum says Tariffs Delayed
CROSS ASSET
Mexican President Sheinbaum says tariffs are paused for a month from now, having said Mexico had a "good" call with Trump, which led to some "accords". The supposed accords include the deployment of 10,000 national guard immediately to the border to stem drug trafficking.
MXN rallies hard, alongside CAD on that headline - a delay of one month for the installation of tariffs which were set to kick in at 0001ET on Tuesday.
- USD/MXN falling hard and the pair has now more than closed the opening gap with the Friday close.
- Equity futures rallying in sympathy.
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