US President Trump has levied fresh new tariffs on Mexico and threatens more to come:

• Trump says the US to impose 5% tariff on all goods from Mexico

USD/JPY is dropping (Not as much as MXN!) as are some of the higher beta cuurrecnies (looking at you AUd), taking yen crosses down.

AUD/JPY, for example:

ForexLive with the early heads up on this fresh attack:

• Trump prepares to threaten Mexico with new tariffs