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MEXICO: USDMXN Remains in Contained Range, Ebrard on USMCA

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Tuesday’s session was highlighted by Banxico Deputy Governor Espinosa softening the potential for a dramatic dovish policy shift, indicating that too many things would need to change to prompt a more aggressive move on rates. USDMXN has remained in a much more contained range, largely respecting a 20.30/40 range over the past two sessions.
  • Overnight, Economy Minister Marcelo Ebrard said that Mexico understands migration is the US’ top priority, adding that he expects the US, Canada and Mexico will reach an agreement on regional security. He noted that scrapping USMCA would be like a bullet to the foot.
  • Separately, Mexico needs investment of $30 billion to $35 billion to develop its power generation capacity, Abraham Zamora, president of Sempra Infrastructure for Mexico, said at a Eurasia event. $10b to $12b is also needed to develop its electricity transmission network, Zamora said on Tuesday.
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  • Tuesday’s session was highlighted by Banxico Deputy Governor Espinosa softening the potential for a dramatic dovish policy shift, indicating that too many things would need to change to prompt a more aggressive move on rates. USDMXN has remained in a much more contained range, largely respecting a 20.30/40 range over the past two sessions.
  • Overnight, Economy Minister Marcelo Ebrard said that Mexico understands migration is the US’ top priority, adding that he expects the US, Canada and Mexico will reach an agreement on regional security. He noted that scrapping USMCA would be like a bullet to the foot.
  • Separately, Mexico needs investment of $30 billion to $35 billion to develop its power generation capacity, Abraham Zamora, president of Sempra Infrastructure for Mexico, said at a Eurasia event. $10b to $12b is also needed to develop its electricity transmission network, Zamora said on Tuesday.