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MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

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Multiple Factors Now Filtering Through To Weaker MXN

MEXICO
  • The Mexican peso remains under pressure Tuesday amid continued greenback strength, higher US yields and the uncertain geopolitical backdrop weighing on global equities. USDMXN rose to a high of 16.8776 earlier, before partially paring gains in recent trade. The trend direction in USDMXN has been bearish up to this point, however, the breach of initial resistance at the 50-day EMA (16.7692) will be monitored closely.
  • In other news, Presidential election frontrunner Claudia Sheinbaum said yesterday that she would spend around $13.6 billion to boost her country’s use of renewable energy. The plan would increase wind and solar power generation and modernise hydroelectric stations in a shift from AMLO’s policies. Latest polls continue to indicate Sheinbaum as the clear favourite.
  • Separately, the social security committee of the lower house of Congress approved AMLO’s proposal to create a state pension fund yesterday. The proposal must now be discussed in the plenary of the lower house, possibly this week. Friday’s release of retail sales data remains the data highlight this week.
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