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MXN

Dollar Stalls as Risk Appetite Ebbs

The dollar is trading below last week’s one-year high this morning, with softness in equity markets helping limit marginal flows into the US financial system. The S&P 500 has given back more than half of its post-election gains on a more hawkish outlook for monetary policy – and some scepticism on the earnings front – ten-year Treasury yields are holding at around 4.46 percent, and risk appetite is ebbing across a range of asset classes. Data last week showed the US economy maintaining strong underlying momentum. Retail sales increased slightly more than expected in October, suggesting that consumer demand is...

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Easing Expectations Fall, Markets Retreat

The dollar is still making the weather in global financial markets this morning, heading for a circa 1.5-percent weekly gain, even as it weakens slightly on a modest softening in overall risk sentiment. Treasury yields are holding at elevated levels as investors ratchet rate cutting expectations lower, and equity futures are pointing toward another weak session as uncertainty grows around the economy’s potential performance under a second Trump administration. Expectations for the Federal Reserve’s easing trajectory are pulling back after two influential officials said the central bank could take its time in cutting rates. In a speech given to business...

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Dollar Stages Comeback On Political Risks and Inflation Jitters

And it’s back. The dollar is extending its post-election rally this morning, gaining against all of its major counterparts – excepting the safe-haven Swiss franc – as markets continue to adjust to a future in which US policymakers maintain expansionary fiscal policies, raise barriers to trade, and fold the security umbrella that has underpinned global growth since the Second World War. A series of nomination announcements in the last two days – including former Fox News personality Pete Hegseth as Defense Secretary, NATO-sceptic Tulsi Gabbard as director of National Intelligence, and firebrand congressman Matt Gaetz as Attorney General – have...

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Currency Market Mean Reversion Continues, Weakening Dollar

The “Trump trade” that animated currency markets after Tuesday’s presidential election continues to dissipate this morning. The dollar’s post-election rally is now almost fully unwound, the Mexican peso and its emerging market brethren are broadly higher, and most major currencies – including the euro, British pound, and Japanese yen – are either above, or just a few basis points below key psychological levels that could support further upside. Treasury yields are slightly lower after the Federal Reserve kept its options open in yesterday’s decision. Officials cut rates by a quarter percentage point and made semantic modifications to the accompanying statement...

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Trump Trade Eases, Dollar Retreats

Market momentum is fading this morning after investors speed-ran the “Trump trade” in yesterday’s session. The trade-weighted dollar is retreating after recording its best day in more than two years, with the Canadian dollar, euro, pound, and yen all up roughly half a percentage point while the Mexican peso – widely considered a proxy for US isolationism risks – trades above pre-election levels. Treasury yields are easing somewhat, North American equity futures are consolidating gains, and oil prices are weakening. The pound is pushing higher after the Bank of England cut interest rates for a second time but raised its...

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