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AMLO To Propose Migration Plan, Peso Shorts Trimmed

MEXICO
  • President AMLO will propose a regional agreement on migration to the U.S. this week and the expansion of his tree planting program to Central America as an option to provide order in the process of seeking entry to the U.S. (BBG)
    • Obrador said that he would propose the plan to U.S. President Joe Biden at a summit on climate change on Thursday.
  • The Mexican peso has benefitted from further USD weakness to start the week, extending through the Feb 15 low at 19.8924. This opens up a potential move to the year's lows at 19.5494. Focus turns to the mid-month inflation data due on Thursday.
    • Indications that bearish Mexican Peso bets were trimmed for fourth straight week according to the latest CFTC report.

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