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Mexico Affirmed at BBB by S&P, Solid MXN Rebound

MEXICO
  • Mexico's long-term foreign currency debt rating was affirmed by S&P at BBB, the second-lowest investment grade score.
    • Long-Term Local Currency Debt Rating was affirmed by S&P at BBB+
    • Outlook remains negative
  • USDMXN had a sizeable short squeeze yesterday, fuelled by comments from President AMLO on his ambition to strengthen state owned energy company CFE. Attention yesterday was on key resistance at 20.2132, Jun 4 high where a break was required to alter the technically bearish picture. A high of 20.1937 capped the price action before the Peso staged a strong comeback with USDMXN trading back below 20.00 as we approach tonight's FOMC decision.
  • Mexico City Mayor Claudia Sheinbaum to release results of an investigation conducted by Norwegian firm DNV about the May collapse of an overpass at one of the capital's metro lines where 26 people died.
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