Mexican peso slides, yen gains as Trump shakes markets with new tariffs
The Mexican peso sank to three-month lows against the dollar on Friday after Washington unexpectedly said it will slap tariffs on all goods coming from its southern neighbor.“The news on Mexican tariffs came just as the United States is imposing tariffs on China, and the timing is stirring up the markets,” said Daisuke Karakama, chief market economist at Mizuho Bank.
The yen was up 0.35% at 109.240 per dollar and also made gains against the euro and Australian dollar.
The euro was steady at $1.1133. The single currency was down 0.62% this week, weighed by factors including concerns over Italy’s rising debt and the prospect of Trump opening up a European front in his trade war.
The pound was effectively flat at $1.2612. Sterling has lost nearly 0.8% this week, as the imminent departure of Theresa May as prime minister deepened fears about a chaotic exit for Britain from the European Union.
Market price- 108.95
Short positions below 109.40 with targets at 108.50 in extension.
Above 109.40 look for further upside with 109.70 as targets.
Market price- 137.38
Short position below 138.20 with 136.54 as target
Long above 138.20 with 138.80 as target
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