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Clouthier Speaks On USMCA Pact, USDMXN Edges Higher

MEXICO
  • USDMXN has edged higher overnight, extending yesterday’s firm bounce. Renewed weakness in equities and the subsequent supportive price action for the greenback boosted USDMXN on Tuesday with the pair rising just over 1%.
    • Following the latest breach of both the 20- and 50-day EMAs to the downside the risk of a deeper retracement near-term had increased. Despite this, the pullback is considered corrective overall and key resistance remains unchanged at 20.7014, of which a break would confirm a resumption of bullish activity.
  • Economy Minister Tatiana Clouthier speaks at a panel to discuss the achievements, challenges and future of the USMCA trade agreement at 3:30pm Mexico City time.
    • As a reminder, reports have circulated that the US is preparing to escalate its complaints that Mexico’s state-favoring energy policies violate the nations’ free-trade agreement, people familiar with the matter said, a move that may risk exacerbating tensions between the countries’ governments.
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