FED'S SCHMID - WE STILL HAVEN'T BEAT INFLATION BACK TO 2%

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

EZ/UK Bond Supply Calendar: UK Synd; EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE -3 BCF TO 3,969 BCF NOV 15 WK

MNI: US NAR: OCT EXISTING HOME SALES 3.96M SAAR

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MEXICO: USDMXN Stabilises Although Remains Comfortably Above Breakout Point

MEXICO
  • The stabilisation for risk sentiment/equities yesterday was bolstered by the stronger-than-expected US ISM Services print. This assisted a solid recovery for the Mexican peso, after early price action highlighted its lingering fragility to sharp bouts of risk-off.
  • Monday’s initial sharp declines for MXNJPY likely exacerbated the price action, with the cross extending the decline from the July highs to an impressive 22%. This prompted USDMXN to briefly rise as high as 20.2181 before order was restored.
  • Overnight, USDMXN has re-tested the prior breakout level around 19.20 but now consolidates between 19.40/50 heading into the US session. A lack of tier-one US data on Tuesday might keep volatility more contained, with risk taking its cues from developments for global tech names and geopolitics.
  • Banxico decision takes focus Thursday, with analysts evenly divided between a hold and a 25bp cut.  Recent positive trends in Mexican core inflation have increased the likelihood of further easing, though peso weakness and other risks mean any decision could come via another split decision. The full MNI preview of the decision will be published later today.
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
EM BulletMexicoBulletGlobalEmerging Market NewsRegion

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.