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MEXICO: Government To Work With US To Boost Security, MXN Remains Resilient

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Despite President Trump’s threat that the proposed tariffs would go into effect as scheduled on March 4, the Mexican peso is trading with a moderately firmer tone so far in Friday’s session, with USDMXN holding within the familiar 20.30-20.55 range. Sentiment is buoyed by news that the US and Mexico have agreed to work closer together to counter organised crime after Mexico’s security secretary met with US counterparts yesterday.
    • Officials agreed on a series of undisclosed steps to be executed over the next weeks and months, focusing on illegal fentanyl and gun traffic.
    • In a further move to strengthen relations amid ongoing tariff discussions, Mexico’s AG office confirmed that it had extradited 29 people to the US yesterday, including drug boss Rafael Caro Quintero, as part of the agreements reached between both countries to boost security. President Sheinbaum still aims to close a tariff deal with the US by next Tuesday.
    • While markets also took a knock yesterday from the US threat to impose additional 10% tariffs on China, news overnight that the Politburo will implement more proactive macro policies to expand domestic demand and promote the economic recovery is helping to stabilise sentiment.
    • For USDMXN, a resumption of gains would turn attention to initial resistance at 20.7132, the Feb 5 high. On the downside, key support has been defined at 20.1343, the Jan 24 low.
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  • Despite President Trump’s threat that the proposed tariffs would go into effect as scheduled on March 4, the Mexican peso is trading with a moderately firmer tone so far in Friday’s session, with USDMXN holding within the familiar 20.30-20.55 range. Sentiment is buoyed by news that the US and Mexico have agreed to work closer together to counter organised crime after Mexico’s security secretary met with US counterparts yesterday.
    • Officials agreed on a series of undisclosed steps to be executed over the next weeks and months, focusing on illegal fentanyl and gun traffic.
    • In a further move to strengthen relations amid ongoing tariff discussions, Mexico’s AG office confirmed that it had extradited 29 people to the US yesterday, including drug boss Rafael Caro Quintero, as part of the agreements reached between both countries to boost security. President Sheinbaum still aims to close a tariff deal with the US by next Tuesday.
    • While markets also took a knock yesterday from the US threat to impose additional 10% tariffs on China, news overnight that the Politburo will implement more proactive macro policies to expand domestic demand and promote the economic recovery is helping to stabilise sentiment.
    • For USDMXN, a resumption of gains would turn attention to initial resistance at 20.7132, the Feb 5 high. On the downside, key support has been defined at 20.1343, the Jan 24 low.