JPY Crosses and Recent ZAR/MXN Strength

Watching JPY crosses today, especially $ZARJPY and $MXNJPY. ZARJPY pushing higher, currently at 9.914, hitting near the day's high of 9.91965. MXNJPY is also in a tight range, just off its high, currently 9.31446. Seems like the carry appeal is kicking in with recent broader market sentiment shifts. Might be looking for confirmation on rate differentials firming up to extend these moves.

The underlying strength in ZAR and MXN against the Yen is interesting given the prevailing macro winds. If we see any further softening in risk appetite, these could reverse quickly, but for now, they're showing resilience. Keeping an eye on any central bank rhetoric this week to gauge if this is sustainable or just short-term positioning.