MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JPMorgan Predict Rangebound USDMXN Trade Between 17.00-17.50 For Rest Of Year

MXN
  • JPMorgan have noted that lingering tensions among USMCA countries in the past couple of years, particularly on energy and corn, suggested the risk of renewed uncertainties could derail the strong performance of the MXN that started in 4Q22. However, easing pressures on ongoing consultations amid a broader improvement in investment certainty in the economy after years of investment lull suggest the steady strengthening of the currency is justified and could stabilize around 17.00 before gradually weakening at the turn of the year.
  • Structurally, MXN is now on a better footing, with broad improvements in external accounts—most notably a comfortable financing of the current account, better growth prospects, and fading investment uncertainty. Still, headwinds include elections next year, prospects of a lower interest rates at the turn of the year and the risks of meaningful growth moderation in the US.
  • JPMorgan see the currency range bound between 17.0 and 17.50 for the rest of the year, but heading to 18.0 toward mid-2024 in the context of political volatility. As major central banks ease their tight policy grip markets should be able to understand the direction and sensitivity of the currency, but most developments suggest a new long-term equilibrium should be around 18.50.
EM BulletHomepageCommoditiesBulletEmerging Market News
EM BulletHomepageCommoditiesBulletEmerging Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.