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MEXICO: USDMXN Reverses 1% Off Highs, Banxico QIR Eyed

MEXICO
  • USDMXN printed as high as 19.7976 overnight as domestic political developments continue to sour. As a reminder, an already fragile political situation was exacerbated on Tuesday as Mexico's president told reporters he has put relations with the United States and Canadian embassies “on pause” after the two countries voiced concerns over a proposed controversial judicial overhaul.
  • Since then, amid a broader stabilisation for the greenback, the Mexican peso has also traded on a firmer footing. USDMXN has weakened roughly 1% from the highs to 19.60, having held below a Fibonacci retracement level of 19.8362. The pair remains around 5.5% above the mid-August lows.
  • Banxico will release its quarterly inflation report today, with 2024 GDP growth forecasts expected to be downgraded due to a weaker-than-expected economy in the second quarter. Lower-than-expected inflation readings and a potentially stale set of central bank minutes last week might give today’s report more significance than usual.
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