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Early USD Weakness Keeping MXN Well Supported Ahead Of FOMC Minutes

MEXICO
  • In the US, the Fed releases the minutes of its December 15 meeting – 1900GMT/1400ET.
  • USDMXN continues to trade near recent lows and the short-term technical outlook is bearish Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support.
  • Mexico central bank deputy governor Jonathan Heath said he finds the optimism of business owners in the country’s commerce sector regarding the future performance of their companies “striking,” according to a Twitter message.
    • “It’s interesting to observe that the confidence of the manufacturing and construction sectors have returned to pre-Covid levels while commerce is well above that of previous years,” Heath wrote.
  • Mexico says a 12-year 3.5%-coupon bond reached demand of $10.4b, making it oversubscribed 2.5 times, according to a finance ministry statement.
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