Headlines have revealed that the new...>

MEXICAN PESO: Headlines have revealed that the new Mexican Finance Minister

Herrera will conduct a press conference this evening, no time given yet. This

comes after his predecessor Urzua abruptly resigned on Tuesday. There had been

speculation surrounding the possibility of Urzua's resignation in the past, but

this was still seen as a surprise. USD/MXN surged to highs of MXN19.3552 in the

wake of the resignation, but last deals back at MXN19.1590, little changed vs.

the NY close.

- Urzua's resignation letter claimed that AMLO's ruling administration made some

policy decisions "without sufficient foundation," criticised officials "with no

experience" & pointed to conflicts of interest within the gov't.

- Urzua was seen as bit of a pragmatist, so the resignation could have long

lasting effects for AMLO's government. AMLO is clearly aware of this & quickly

promoted Herrera, formally of the World Bank (he had served as Urzua's Deputy).

- Tuesday's high presents the initial target for bulls, while bears will look

for a move back below trendline support drawn from the April 2018 low

(MXN18.9353 today).