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Broad Greenback Weakness Sees USDMXN Dip Below 17.00

MEXICO
  • The persistent grind lower for the greenback continues to bolster the peso and in recent trade USDMXN has traded below notable support at 16.9988, the Sep 20 low. Sustained clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low.
  • At the top of the hour, we have both trade balance data for November and economic activity figures for October. Mexico is expected to report a $155-million trade surplus in November, from a $252.5-million deficit the month before, according to economists surveyed by Bloomberg.
    • Nov. Trade Balance, est. 155m, prior -252.5m
    • Nov. Imports, prior 52.2b
    • Nov. Exports, prior 52b
    • Oct. Economic Activity IGAE M/m, est. 0.05%, prior 0.60%
    • Oct. Economic Activity IGAE Y/y, est. 3.93%, prior 3.34%
  • In local news, a trio of top US officials will soon visit Mexico to discuss fresh actions to crack down on illegal migration, as a spike in crossings at the southwest border has raised pressure on President Joe Biden to take action.
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