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MEXICO: Peso Under Pressure, MXNJPY Falls 1.70%

MEXICO
  • The notable turn lower for major equity indices on Wednesday has been weighing on the Mexican peso through the European session. The US is said to be considering its most severe trade restrictions yet on China’s chips access, contributing to the negative sentiment across global markets.
  • MXN weakness has likely been exacerbated by the near 2% drop in MXNJPY, as market participants continue to shift their views in favour of the Japanese currency. Narrowing yield differentials and concerns over intervention appear to be driving short-term sentiment, with MXNJPY reaching a two-week low in the process.
  • USDMXN has risen 0.65% and with spot recently oscillating either side of the 50-day EMA, the Peso’s post-election recovery has shown signs of stalling. Initial firm resistance is at 17.9301, the 20-day EMA, followed by 18.5988, the Jun 28 high.
  • Markets will look ahead to President-elect Sheinbaum speaking to press at 1800BST/1300ET. A statement failed to release the topic of the press conference. Separately, the data docket remains empty this week, with May economic activity & retail sales the next notable releases on July 22.
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