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MEXICO: USDMXN Rises 0.9% As Reform Uncertainties Linger

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • USDMXN has tested the 20.0 level again in recent trade, following the earlier news that the Senate has voted to prohibit the judiciary from challenging or suspending constitutional changes approved by Congress. 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 is not a big surprise, but it does draw attention again to on-going reform risks.
    • USDMXN maintains a bullish outlook, with attention on the key resistance and bull trigger at 20.2181, the Aug 5 high. Clearance of this hurdle would resume the uptrend and open 20.4578, the 1.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing.
    • Next week, trade balance data for September and the preliminary read of Q3 GDP will be highlights. Naturally, there will be continued attention paid to the trajectory for constitutional reforms in Mexico, and what impact this may have on the outlook for major ratings agencies.
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  • USDMXN has tested the 20.0 level again in recent trade, following the earlier news that the Senate has voted to prohibit the judiciary from challenging or suspending constitutional changes approved by Congress. 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 is not a big surprise, but it does draw attention again to on-going reform risks.
    • USDMXN maintains a bullish outlook, with attention on the key resistance and bull trigger at 20.2181, the Aug 5 high. Clearance of this hurdle would resume the uptrend and open 20.4578, the 1.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing.
    • Next week, trade balance data for September and the preliminary read of Q3 GDP will be highlights. Naturally, there will be continued attention paid to the trajectory for constitutional reforms in Mexico, and what impact this may have on the outlook for major ratings agencies.