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MEXICO: Peso Consolidates Renewed Weakness, Moody’s Comments & Floods Weigh

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • USDMXN remains 1.5% above yesterday’s opening levels, with a combination of factors weighing on the peso. The key headlines prompting the USDMXN spike were from Moody’s who indicated that judicial reform could undermine the strength of institutions in Mexico, crimp investments and impact growth. This could negatively impact the country’s credit profile, according to senior analyst Renzo Merino.
  • Combined with this, the USD index had a firm bounce on Wednesday, assisted by some more solid US data and an associated move higher for US yields. The dollar strength has consolidated today, undeterred by the accelerating topside momentum for major equity benchmarks.
  • It is also worth noting that headlines continue to flag that tropical storm John has strengthened as it heads toward Mexico again, with catastrophic life-threatening flash flooding and mudslides continuing over portions of southern Mexico. Earlier in the week, at least 60,000 people were without power after the storm struck, uprooting trees and blocking highways, AP reported.
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  • USDMXN remains 1.5% above yesterday’s opening levels, with a combination of factors weighing on the peso. The key headlines prompting the USDMXN spike were from Moody’s who indicated that judicial reform could undermine the strength of institutions in Mexico, crimp investments and impact growth. This could negatively impact the country’s credit profile, according to senior analyst Renzo Merino.
  • Combined with this, the USD index had a firm bounce on Wednesday, assisted by some more solid US data and an associated move higher for US yields. The dollar strength has consolidated today, undeterred by the accelerating topside momentum for major equity benchmarks.
  • It is also worth noting that headlines continue to flag that tropical storm John has strengthened as it heads toward Mexico again, with catastrophic life-threatening flash flooding and mudslides continuing over portions of southern Mexico. Earlier in the week, at least 60,000 people were without power after the storm struck, uprooting trees and blocking highways, AP reported.