Free Trial

Deputy Finance Minister Downplays Talk Of Recession

MEXICO
  • USDMXN posted the highest close since mid-December as the pair continues its corrective bounce. Despite the overall technical outlook remaining bearish, the pair has now breached resistance at 20.7603, Jan 6 high. The break of this hurdle highlights the possibility of a stronger reversal that opens 20.9954 initially, 61.8% of the downleg between Nov 26 and Jan 18.
  • Quarterly growth data displayed the second negative reading in a row, signalling a technical recession.
  • Comments from Mexico's Deputy Finance Minister Gabriel Yorio on Friday downplayed the upcoming economic data release:
    • "We feel like talk of a technical recession doesn't really capture the economic dynamics we're seeing due to the effects of the pandemic and above all else because of the supply shocks the world is facing," Yorio said in a news conference.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.