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MEXICO: USDMXN Consolidating Above 20.00, September Trade Balance Due

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • USDMXN rose back to 20.00 late Friday, following the news that the Senate voted to prohibit the judiciary from challenging or suspending constitutional changes approved by Congress. Initial dollar strength to start the week, prompted USDMXN to rise to a daily high of 20.0861, just short of last week’s peak.
  • Given the consistent remarks from the President and ruling party officials that neither the Supreme Court nor the judiciary have any legal authority to review the acts of Congress, this was not a big surprise, but it does draw attention again to on-going reform risks and the potential negative implications for the sovereign rating going forward.
  • Alongside these risks, the looming US election will remain a key risk for the peso, with USDMXN resistance well noted at 20.2181, the Aug 5 high. Additionally, US GDP and employment data this week are likely to drive the greenback price action.
  • On the domestic docket, trade balance data for September is due at 1200GMT/0800ET, and the preliminary read of Q3 GDP will be a highlight on Wednesday.
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  • USDMXN rose back to 20.00 late Friday, following the news that the Senate voted to prohibit the judiciary from challenging or suspending constitutional changes approved by Congress. Initial dollar strength to start the week, prompted USDMXN to rise to a daily high of 20.0861, just short of last week’s peak.
  • Given the consistent remarks from the President and ruling party officials that neither the Supreme Court nor the judiciary have any legal authority to review the acts of Congress, this was not a big surprise, but it does draw attention again to on-going reform risks and the potential negative implications for the sovereign rating going forward.
  • Alongside these risks, the looming US election will remain a key risk for the peso, with USDMXN resistance well noted at 20.2181, the Aug 5 high. Additionally, US GDP and employment data this week are likely to drive the greenback price action.
  • On the domestic docket, trade balance data for September is due at 1200GMT/0800ET, and the preliminary read of Q3 GDP will be a highlight on Wednesday.