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MEXICO: Lower House Approves Bill Banning GMO Corn, USDMXN Rangebound

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USDMXN has continued to trade in a tight range around 20.45 ahead of the NY crossover, as the market awaits developments on the tariff front. Yesterday, President Sheinbaum said that she aims to close a tariff deal with the US by next Tuesday, although she doesn’t yet have a date set for a call with President Trump. For USDMXN, initial resistance is at 20.7132, the Feb 5 high, while key support remains at 20.1343, the Jan 24 low.
  • Yesterday, the lower house approved a bill backed by President Sheinbaum banning GMO corn crops. The bill was approved with 409 votes in favour and 69 against. Separately, the Senate approved a bill to end the re-election of any public office as well as a bill restricting when someone could take the same office as a family member. The Senate approved the two bills in general terms and non-reserved articles.
  • The macro calendar is light today, with January trade figures and unemployment data due tomorrow. Meanwhile, President Sheinbaum will hold her usual press conference from 1330GMT(0830ET).
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  • USDMXN has continued to trade in a tight range around 20.45 ahead of the NY crossover, as the market awaits developments on the tariff front. Yesterday, President Sheinbaum said that she aims to close a tariff deal with the US by next Tuesday, although she doesn’t yet have a date set for a call with President Trump. For USDMXN, initial resistance is at 20.7132, the Feb 5 high, while key support remains at 20.1343, the Jan 24 low.
  • Yesterday, the lower house approved a bill backed by President Sheinbaum banning GMO corn crops. The bill was approved with 409 votes in favour and 69 against. Separately, the Senate approved a bill to end the re-election of any public office as well as a bill restricting when someone could take the same office as a family member. The Senate approved the two bills in general terms and non-reserved articles.
  • The macro calendar is light today, with January trade figures and unemployment data due tomorrow. Meanwhile, President Sheinbaum will hold her usual press conference from 1330GMT(0830ET).