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USD in tight range as Trump imposed tariff to Mexico

USD index choppy in tight range overnight despite of Trump imposing a tariff to Mexico. Overall USD remain in correction trend with short term downside risk remain high.

BOJ reducing JGB’s purchase adding some pressure for USDJPY but overall JPY cross short covering will still support the pair on lower side. Near term risk sentiment will still dominate the direction of USDJPY and JPY cross.

Canada as well as EU news and G7 meeting without any meaningful outcome also adding more cautious to the market. The coming down of Italy bond yield with some relief driven more short covering on EUR and EUR cross. But today Spain Rajoy no-confidence vote will also have some impact for EUR.

GBP remain to follow broad USD move with higher EURGBP adding some pressure for the pair. But overall, remain in base building after recent sharply downside run.

Today Germany, Eurozone, UK and US Manufacturing PMI data and US NFP data will be focused and any surprise will driven another choppy move day.

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