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MEXICO: MXN Carries Overnight Weight Through European Morning

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America

USD/MXN remains firm headed through the European open, carrying close to the entirety of the surge higher posted on the Trump headlines late yesterday. USD/MXN's overnight high of 20.7504 is well within reach of the post-election 20.8072 and multi-year high in the pair.

  • The headlines keep the pressure on MXN, and clearance of the monthly high resumes the primary uptrend that's dictated price action across H2 this year. Notably 21.0233 ahead marks the 50% retracement of the post-COVID range, above which resistance looks notable into 22.1470/1550.
  • Trump stated that one of his first actions in office would be the signing of the first "of my many executive orders" that will charge Mexico and Canada a 25% tariff on "all" products coming into the US.
  • Trump added that the measures would stay in place "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" Perhaps notably, Canada's Trudeau is said to have spoken to Trump about border security immediately following Trump's post, however no reports have emerged of contact from the Mexican government yet. CAD/MXN remains higher on the day.
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USD/MXN remains firm headed through the European open, carrying close to the entirety of the surge higher posted on the Trump headlines late yesterday. USD/MXN's overnight high of 20.7504 is well within reach of the post-election 20.8072 and multi-year high in the pair.

  • The headlines keep the pressure on MXN, and clearance of the monthly high resumes the primary uptrend that's dictated price action across H2 this year. Notably 21.0233 ahead marks the 50% retracement of the post-COVID range, above which resistance looks notable into 22.1470/1550.
  • Trump stated that one of his first actions in office would be the signing of the first "of my many executive orders" that will charge Mexico and Canada a 25% tariff on "all" products coming into the US.
  • Trump added that the measures would stay in place "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" Perhaps notably, Canada's Trudeau is said to have spoken to Trump about border security immediately following Trump's post, however no reports have emerged of contact from the Mexican government yet. CAD/MXN remains higher on the day.