Monday open levels, indicative FX prices, May 12, 2025 – USD/JPY up, EUR/USD down

As is usual for a Monday morning, market liquidity is very thin until it improves as more Asian centres come online … prices are liable to swing around, so take care out there.

Both the US and China are making upbeat comments on trade talk progress, but details are sparse of course. Its not bad news but its not great either.

I’ll be back with more on this.

US futures re open at 6pm US Eastern time (2200 GMT), until then we have early FX rates in response, USD/JPY up from Friday’s close and EUR/USD down. Markets casting a sceptical eye over ‘progress’.

This article was written by Eamonn Sheridan at www.forexlive.com.