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AMLO Business Meet in US Following Biden Talks

MEXICO
  • President AMLO will meet with US and Mexican business leaders, including billionaire Carlos Slim, in Washington DC following his Tuesday meeting with US President Joe Biden.
  • Following the meeting, it was announced that Mexico will buy up to one million tons of ammonium sulfate fertilizer from the US to distribute to subsistence farmers and continue to buy animal feed to assist small producers, according to a joint statement, issued by the US.
  • Both nations also committed to tackling methane emissions and combating climate change. (BBG)
    • A Mexican official said the leaders "will commit to completing a multi-year joint U.S.-Mexico border infrastructure modernization effort for projects along the 2,000-mile border" and "launch a bilateral working group on labor migration pathways and worker protections".
  • MXN trades a touch firmer on Wednesday, in line with minor greenback weakness, however, USDMXN continues to trade near recent highs amid a technically bullish short-term outlook.
    • The latest gains highlight a clear breach of resistance at 20.7014, the Jun 16 high.
    • This paves the way for a climb towards the 21.00 handle and 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing.
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