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LATAM: Mexican Peso Continues to Decline as Political Developments Sour

LATAM
  • Despite the further broad weakening of the US dollar on Tuesday, USDMXN (+1.65%) has continued its steady upward trend, reaching as high as 19.7455 as we approach the APAC crossover. An already fragile political situation has been exacerbated on Tuesday as Mexico's president told reporters he has put relations with the United States and Canadian embassies “on pause” after the two countries voiced concerns over a proposed controversial judicial overhaul.
  • Technicals are echoing the struggling sentiment as USDMXN continues its steady upswing towards 19.8362, a Fibonacci level and the 20.00 handle. Elsewhere, regional currencies are slightly underperforming in a context of the broader greenback weakness, but firmly outperforming their Mexican counterpart. The likes of USDBRL, USDCLP and USDCOP have exhibited tighter ranges and are rising between 0.15-0.35%.
  • The LatAm calendar is less busy on Wednesday, although Brazil’s formal job creation and Banxico’s latest inflation report will garner attention.
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EM BulletBulletGlobalEmerging Market NewsRegion

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