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Mexican Peso Buoyed Amid Firmer Risk, Softer Greenback

MEXICO
  • The relief rally in MXN has extended as firmer sentiment across global markets underpins the renewed optimism for the Peso. USDMXN tracks 0.85% lower since the open, ahead of the 0.55% move in the Bloomberg dollar index, extending further away from touted resistance between 21.00/10 reached last week.
    • May retail sales will cross on Thursday; however, Friday’s mid-month CPI readings will be the domestic focus on the calendar. For reference, the next Banxico decision is not until August 11.
  • Deputy Central Bank Governor Gerardo Esquivel wrote a series of tweets on Sunday, reiterating that setting the exchange rate isn’t a goal of monetary policy, but it’s a factor in decision-making.
    • Esquivel stated the Peso is among the most-stable currencies compared with the dollar.
    • There are pros and cons to relative strength: Imports and purchases for Mexican tourists abroad are cheaper, but Mexican goods abroad are more expensive.
    • Differential in interest rates, autonomous monetary policy, fiscal discipline and trade balance contribute to peso strength
  • In local news, Mexico confirmed the arrest of accused drug lord Rafael Caro Quintero, a founder of the Guadalajara Cartel who was on the FBI’s 10 most-wanted list over the torture and murder of a DEA special agent in 1985.
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