Just waking up? Its been a wild FX ride for MXN since the US close - here's an ICYMI.

The wild ride has been for a hapless MXN and Mexico, they've been slammed by the ratings agencies and also by no agreement with US government.

Read from the bottom up for the chronology:

• US sec state Pompeo now going one-on-one with Mexico's foreign minister
• Flows into yen as US trade wars worsen - no deal for Mexico
• US media report there has been no deal reached between the US and Mexico in talks
• Fitch downgrades Mexico's rating to BBB, outlook revised to stable
• Moody's changes Mexico's outlook to negative from stable

And, here's why you should NOT use that four letter word:

• US Agriculture Secretary hopeful the US & Mexico can avoid the tariffs

MXN:

And, not just Mexico in the news :

• DKK traders - Danish PM concedes election defeat

Oh, it wouldn't be a post from me without waffling on about the AUD and the RBA, amiright?:

• NAB on the RBA - what to watch for a potential cash rate cut in July.
• CBA outlook for the RBA following this week's rate cut and yesterday's weak GBP reading
• ANZ on the RBA - rate cuts ahead on August and November
• Outlook for the AUD - rallies to be limited except against GBP

Folks, the session is still young!

• Here is what's on the economic calendar in Asia today