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MEXICO: Government To Set Up Task Force To Reduce China Imports

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Ahead of President-elect Trump’s inauguration, USDMXN is trading in a relatively tight range, with the pair 0.1% higher at typing, around 20.81. Attention will be on any executive orders Trump signs today, particularly actions on border security and trade tariffs. Meanwhile, the government has said that it plans to establish a task force to involve US companies in reducing imports from China. The task force will include major companies operating in Mexico to assess how to respond to potential US tariffs.
  • The trend structure in USDMXN remains bullish, with attention on the bull trigger at 20.9072, the Dec 31 high, which was pierced on Friday. A clear break of it would resume the uptrend and expose the 21.00 handle initially, followed by 21.1093, the 2.618 projection of the Sep 18 - Oct 1 - 4 ‘24 price swing. On the downside, key support to monitor is 20.0219, the Dec 20 low.
  • No macro data are on the domestic calendar today, with focus this week on November retail sales tomorrow, followed by bi-weekly CPI inflation on Thursday and November economic activity on Friday. Analysts see headline CPI inflation edging down to 3.72% y/y in the first half of January, while core CPI holds around 3.68%.
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  • Ahead of President-elect Trump’s inauguration, USDMXN is trading in a relatively tight range, with the pair 0.1% higher at typing, around 20.81. Attention will be on any executive orders Trump signs today, particularly actions on border security and trade tariffs. Meanwhile, the government has said that it plans to establish a task force to involve US companies in reducing imports from China. The task force will include major companies operating in Mexico to assess how to respond to potential US tariffs.
  • The trend structure in USDMXN remains bullish, with attention on the bull trigger at 20.9072, the Dec 31 high, which was pierced on Friday. A clear break of it would resume the uptrend and expose the 21.00 handle initially, followed by 21.1093, the 2.618 projection of the Sep 18 - Oct 1 - 4 ‘24 price swing. On the downside, key support to monitor is 20.0219, the Dec 20 low.
  • No macro data are on the domestic calendar today, with focus this week on November retail sales tomorrow, followed by bi-weekly CPI inflation on Thursday and November economic activity on Friday. Analysts see headline CPI inflation edging down to 3.72% y/y in the first half of January, while core CPI holds around 3.68%.