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Since Trump took office 1 week ago, EUR/USD has pushed higher. Indeed, over the past 5 trading days the spot value of the USD has fallen against most G10 currencies.

We expect to see MXN weakness drive USD/MXN up to the 21-handle on a one-month view, and see USD/MXN trading sideways throughout 2025.

For now, President Trump has not materially changed the outlook for the Eurozone economy. So, there is no reason to expect the ECB to change course at this juncture. The Governing Council increasingly ...