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MEXICO: MXN in Consolidation Mode as March 01 Deadline Looms

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Following the significant volatility for the Mexican peso on Feb 03, USDMXN has since entered consolidation mode, broadly respecting a 20.40-20.70 range throughout. While tariff headlines continue to have an impact on intra-day MXN sentiment, moves have remained relatively contained given the ongoing discussions between US and Mexican administrations.
  • Analysts have been impressed with Sheinbaum’s approach so far, with the Wall Street Journal publishing an article describing the talks between her and Trump on Feb. 3. Sheinbaum -- who alternated between an interpreter and speaking English to make an emphatic point -- stayed on message, people familiar with the matter said. Sheinbaum parried Trump on trade, drugs and migration in ways that caught his attention without escalating into a disagreement.
  • President Sheinbaum’s daily press briefing at 1330GMT/0830ET will garner attention as usual, especially given the domestic economic data calendar remains very quiet for the rest of the week, with same-store sales and nominal wage data tentatively scheduled. Mexico is expected to sell the following floating bonds in an auction on Thursday:
    • MXN1b 2030 floating bonds
    • MXN1b 2028 floating bonds
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  • Following the significant volatility for the Mexican peso on Feb 03, USDMXN has since entered consolidation mode, broadly respecting a 20.40-20.70 range throughout. While tariff headlines continue to have an impact on intra-day MXN sentiment, moves have remained relatively contained given the ongoing discussions between US and Mexican administrations.
  • Analysts have been impressed with Sheinbaum’s approach so far, with the Wall Street Journal publishing an article describing the talks between her and Trump on Feb. 3. Sheinbaum -- who alternated between an interpreter and speaking English to make an emphatic point -- stayed on message, people familiar with the matter said. Sheinbaum parried Trump on trade, drugs and migration in ways that caught his attention without escalating into a disagreement.
  • President Sheinbaum’s daily press briefing at 1330GMT/0830ET will garner attention as usual, especially given the domestic economic data calendar remains very quiet for the rest of the week, with same-store sales and nominal wage data tentatively scheduled. Mexico is expected to sell the following floating bonds in an auction on Thursday:
    • MXN1b 2030 floating bonds
    • MXN1b 2028 floating bonds