Asia FX Handover: Mexican Peso Jumps 2% On US-Mexico Deal
Matt Simpson June 10, 2019 5:36 AM
A summary of news and snapshot of moves from today’s Asia session.
- The session started with a slight risk-on feel after Trump announced a deal on immigration with Mexico over the weekend. Index futures gapped higher and the Mexican peso rallied 2% higher, seeing USD/MXN unwind a lot of gains made since trump announced the tariff threat.
- The USD is currently the strongest major, NZD and AUD are the weakest. Asian equities trade broadly higher whilst gold and silver have shed -0.9% and -1.3% respectively.
- Trump defended the US-Mexican deal on immigration after critics pointed out no new concessions had been made by Mexico, vowing to offer more details (without offering any new details).
- China’s exports rose in May as exporters rushed shipments to avoid new tariffs, although imports fell to a near 3-year low.
- Japan’s Q1 GDP grew slightly faster than expected, supported by stronger capital spending although analysts warn capex is due to soften and weigh on growth in upcoming quarters. Bank lending rose to its highest level since November 2017.
- South Korea and UK agreed to sign a free trade deal ahead of Brexit.
US-Mexico Immigration Agreement Boosts Sentiment At The Open | MXN, SPX
Weekly COT Report: Gold’s Net Long Exposure Hits A 14-Month High
Week Ahead: Interest rates, Mexican stand-off and US CPI
NFP: Dollar drops, stocks higher, gold soars, as rate cut bets increase
USD/CAD To Challenge 'Long' Held Views?
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.