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MEXICO: USDMXN Consolidating Just Below 20.50, S&P Ratings Webinar Today

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegionNorth America
  • Renewed pessimism for emerging market currencies and the continued strength for the greenback in the aftermath of the election has prompted a strong 3.4% bounce from Friday’s lows in USDMXN.
  • Spot has spent the overnight session consolidating just below the 20.50 mark, with the post-election highs around 20.80 remaining the key topside level of note.
  • Domestic and external developments continue to provide a shaky fundamental backdrop for the peso, potentially providing a minor headache for the central bank committee this week. Broad consensus is expecting another 25bp rate cut to 10.25% on Thursday, however, a small minority are calling for an unchanged decision.
  • Worth noting there is an S&P Global Ratings analysts webinar on Mexico 2025 credit ratings trends today. Separately, Congress is set to discuss a reform to dissolve the country’s autonomous regulatory bodies and President Sheinbaum is also expected to present a plan for Pemex on Wednesday.
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  • Renewed pessimism for emerging market currencies and the continued strength for the greenback in the aftermath of the election has prompted a strong 3.4% bounce from Friday’s lows in USDMXN.
  • Spot has spent the overnight session consolidating just below the 20.50 mark, with the post-election highs around 20.80 remaining the key topside level of note.
  • Domestic and external developments continue to provide a shaky fundamental backdrop for the peso, potentially providing a minor headache for the central bank committee this week. Broad consensus is expecting another 25bp rate cut to 10.25% on Thursday, however, a small minority are calling for an unchanged decision.
  • Worth noting there is an S&P Global Ratings analysts webinar on Mexico 2025 credit ratings trends today. Separately, Congress is set to discuss a reform to dissolve the country’s autonomous regulatory bodies and President Sheinbaum is also expected to present a plan for Pemex on Wednesday.