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Finance Minister To Speak At IMF Spring Meeting Today

MEXICO
  • Despite the increase in geopolitical tensions in the middle east, the Mexican peso has opened firmer against the US dollar early in Monday’s session. USDMXN is currently ~0.5% lower on Monday, leaving the pair 1% below last Friday’s peak at 16.7429. The trend direction in USDMXN remains bearish, with last week’s recovery appearing to be a correction. A resumption of weakness would open 16.2159, the 1.50 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, the 50-day EMA is at 16.7626.
  • Today, Finance Minister Rogelio Ramirez de la O will speak at an Atlantic Council event in Washington DC during the IMF Spring Meetings week at 1630BST(1130ET). Data wise, the domestic calendar is light, with the focus this week being on February retail sales data, due for publication on Friday.
  • Meanwhile, Presidential candidate Claudia Sheinbaum said in an interview with El Financiero that if she wins the election in June she would like the current Finance Minister to stay in his post. She also said that a government under her would maintain fiscal discipline and would ensure the continued independence of Banxico.
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