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MEXICO: Domestic Concerns Weigh on MXN, Trade Data & Banxico QIR This Week

MEXICO
  • The elevated uncertainty surrounding political risks in Mexico continue to weigh on the currency. USDMXN is 0.5% at typing and above 19.20, having printed an intra-day high of 19.3098 during APAC trading.  Protestors took to the streets across Mexico on Sunday in the latest opposition to AMLO’s proposed judicial overhaul.
  • On Monday, the lower house’s constitutional committee will discuss the judicial reform proposal and separately, president-elect Sheinbaum is expected to name the incoming Pemex CEO. Later this week, trade balance data for July will cross, as well as the latest Banxico inflation report.
  • A bullish theme in USDMXN remains intact following the rally between Jul 12 and Aug 5. Last week’s gains also represent a positive development. Initial short-term objectives are 19.5999 and 19.8362, the 61.8% and 76.4% retracement points of the sell-off between Aug 5 - Aug 16. Further out, a clear break of the 20.00 handle would pave the way for an extension towards 20.7642. Initial support is at the 20-day EMA, at 18.8943.
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
EM BulletMexicoBulletGlobalEmerging Market NewsRegion

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