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MXN Continues To Trade In Resilient Manner

MEXICO
  • Despite the firmer greenback price action on Wednesday, the Mexican peso continues to trade resiliently. A brief spike to 18.75 for USDMXN following the US retail sales data failed to gather any momentum and the pair spent the late session drifting back below 18.60, where it has consolidated overnight.
    • On the downside, key support and the bear trigger is at 18.50, a break of which resumes the technical downtrend. Below here we have, 18.4050 as initial support, however, more significant support is further out at 17.9401, the 2018 lows.
  • Central bank Deputy Governor Irene Espinosa said inflation remains high and hasn’t showed signs of having reached its inflection point yet. She stated that monetary policy will remain restrictive to bring down inflation, speaking at an agro-business event organized by Deloitte on Wednesday.
  • Today, Bloomberg will host an event titled “Mexico Outlook 2023: Market and Economy” with experts from Bloomberg, local banks and brokerages.
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