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MEXICO: USDMXN Eases Off Highs, Pemex Budget Reports Circulating

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegionNorth America
  • The moderate reprieve for emerging market currencies on Wednesday has filtered through to a 0.5% pullback for USDMXN as we approach the main data for the week, US October CPI.
  • Our US team have highlighted that the potential for tariffs will put more focus on core goods inflation in the months ahead, noting its deflationary contributions are already fading, and an outcome in line with consensus would mark a 17-month high. Barring any large downside surprises, it remains questionable if the inflation data will be able to halt the dollar’s topside momentum, especially owing to the recent focus on the employment side of the Fed’s mandate.
  • 20.80 remains the key topside level for USDMXN, and initial support moves up to 20.08, the 20-day EMA.
  • The domestic focus will be on President Sheinbaum’s presentation of her administration’s plan for Pemex at her daily press briefing. Overnight, Bloomberg reported that Mexico plans to set aside about $6 billion for the state oil company in its 2025 draft budget, people familiar with the matter said, as the government signals continued support for the indebted oil producer.
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  • The moderate reprieve for emerging market currencies on Wednesday has filtered through to a 0.5% pullback for USDMXN as we approach the main data for the week, US October CPI.
  • Our US team have highlighted that the potential for tariffs will put more focus on core goods inflation in the months ahead, noting its deflationary contributions are already fading, and an outcome in line with consensus would mark a 17-month high. Barring any large downside surprises, it remains questionable if the inflation data will be able to halt the dollar’s topside momentum, especially owing to the recent focus on the employment side of the Fed’s mandate.
  • 20.80 remains the key topside level for USDMXN, and initial support moves up to 20.08, the 20-day EMA.
  • The domestic focus will be on President Sheinbaum’s presentation of her administration’s plan for Pemex at her daily press briefing. Overnight, Bloomberg reported that Mexico plans to set aside about $6 billion for the state oil company in its 2025 draft budget, people familiar with the matter said, as the government signals continued support for the indebted oil producer.