Scotiabank FX Daily – Markets Calmer Awaiting U.S. Trade Policy Details

· USD strengthening broadly, albeit modestly; all eyes on U.S. tariffs & details.

· CAD weakening back toward recent multi-month lows; risk in Dep. Gov. Lane.

· GBP drifts below 1.39 as markets focus on continued housing sector weakness.

· JPY flat, consolidating below recent high; broader tone dominating into BoJ.

· AUD fades modest trade-driven gain, softens back to 0.78; iron ore weak.

· MXN steady; outperforming G10 on a week-to-date basis; CPI 9:00am ET.

(scotiabank)