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MEXICO: Supreme Court To Discuss Judicial Reform, Citi Economist Survey Due

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • USDMXN is little changed so far today, as the market awaits the US election results. The trend condition in USDMXN is still bullish and attention remains on the key resistance and bull trigger at 20.2181, the Aug 5 high, which was pierced last week. A clear break would resume the uptrend and open 20.4578, the 1.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing. Initial support moves up to 19.9097, the 20-day EMA.
  • Meanwhile, the country’s Supreme Court is scheduled to discuss challenges to the country’s judicial reform today that would limit the scope of the constitutional change. The discussion is expected to start around 1600GMT(1100ET), with a vote possibly to follow.
  • On the data front, the latest Citi economist survey will be published later, including forecasts for the upcoming Banxico monetary policy meeting on November 14. In the previous Citi survey, analysts were expecting a 25bp rate cut later this month, with the policy rate ending this year at 10.0% and next year at 8.0%. Attention will also be on analysts’ GDP forecasts, which were trimmed further last time, with the 2025 estimate dropping to just 1.0%.
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  • USDMXN is little changed so far today, as the market awaits the US election results. The trend condition in USDMXN is still bullish and attention remains on the key resistance and bull trigger at 20.2181, the Aug 5 high, which was pierced last week. A clear break would resume the uptrend and open 20.4578, the 1.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing. Initial support moves up to 19.9097, the 20-day EMA.
  • Meanwhile, the country’s Supreme Court is scheduled to discuss challenges to the country’s judicial reform today that would limit the scope of the constitutional change. The discussion is expected to start around 1600GMT(1100ET), with a vote possibly to follow.
  • On the data front, the latest Citi economist survey will be published later, including forecasts for the upcoming Banxico monetary policy meeting on November 14. In the previous Citi survey, analysts were expecting a 25bp rate cut later this month, with the policy rate ending this year at 10.0% and next year at 8.0%. Attention will also be on analysts’ GDP forecasts, which were trimmed further last time, with the 2025 estimate dropping to just 1.0%.