FX Update: The dollar trader firmer against most currencies
FX Update: The dollar trader firmer against most currencies on Monday, which drove USD-JPY above 103.50 and EUR-USD to a lows under 1.1150, with the buck showing an average 0.7% gain versus its G3 counterparts as of the late New York PM session. Cable was also showing a 0.6% loss. The Mexican peso and Canadian dollar managed to outperform the dollar, with the former gaining over over 2% and the latter losing just over 1%, reflecting the apparent forex market view that Trump's chances of winning the presidential race have ebbed following weekend developments. While Friday's U.S. employment report wasn't great, it was seen as still sufficiently strong to keep a Fed rate hike in play, and all respondents to our post-data survey forecast a 25 bp cut at the December 13-14 FOMC.