MXN

The dollar is tumbling against most of its major rivals after a private-sector report showed employers slashing payrolls by far more than anticipated, raising market-implied odds on a third consecutive rate cut at the Federal Reserve’s December meeting. According to the Challenger, Gray, and Christmas job cut report—not typically a market-moving release—businesses laid off 153,074 people in October, up 175 percent from the 55,597 announced in the same month last year, and up sharply from the 54,064 announced in September. Policy-sensitive two-year Treasury yields are back below the 3.6-percent mark, equity futures are setting up for incremental gains at the...

The dollar is cruising toward a third consecutive day of declines and short-term Treasury yields are coming under mild downward pressure as investors firm bets on a fairly-forceful easing path from the Federal Reserve. Most major foreign exchange pairs are caught in narrow trading ranges amid a lack of political and economic catalysts, leaving currencies like the Canadian dollar and Mexican peso almost unchanged on the week. The Fed’s latest Beige Book survey pointed to a slowing in momentum in the world’s largest economy. On balance, “economic activity changed little” between September and October, with three of twelve districts reporting...