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MEXICO: MXN Outperforming Despite Firmer Dollar Backdrop

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • A slightly firmer greenback is having little impact on the Mexican peso Tuesday, which continues to trade in a resilient manner. This has helped USDMXN edge closer to the 2025 lows and key support, located at 20.1343. A clear break of this level would highlight a potential reversal, signalling scope for a move towards 19.7618, the Nov 7 ‘24 low.
  • Economy Minister Marcelo Ebrard will host an event to present the “Made in Mexico” advisory board on Tuesday. President Sheinbaum announced on Monday that Ebrard will travel to Washington for meetings with his trade counterpart this week. Security talks will also take place this week, with Public Security Minister Omar Garcia Harfuch representing Mexico.
  • The data docket is busy this week in Mexico, with Banxico releasing both the quarterly inflation report and the minutes from the February meeting. Additionally, December retail sales data and the final reading of Q4 GDP are scheduled.
  • At 1730GMT/1230ET, Mexico is scheduled to sell the following:
    • MXN9b of 28-day CETES bills, MXN10b of 91-day CETES bills, MXN8b of 182-day CETES bills and MXN17b of 350-day CETES bills.
    • MXN9.5b of 2027 floating bonds, MXN2.2b of 2030 floating bonds, MXN17.5b of 2034 Mbono bonds and MXN1b of 2034 inflation-linked UDI bonds.
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  • A slightly firmer greenback is having little impact on the Mexican peso Tuesday, which continues to trade in a resilient manner. This has helped USDMXN edge closer to the 2025 lows and key support, located at 20.1343. A clear break of this level would highlight a potential reversal, signalling scope for a move towards 19.7618, the Nov 7 ‘24 low.
  • Economy Minister Marcelo Ebrard will host an event to present the “Made in Mexico” advisory board on Tuesday. President Sheinbaum announced on Monday that Ebrard will travel to Washington for meetings with his trade counterpart this week. Security talks will also take place this week, with Public Security Minister Omar Garcia Harfuch representing Mexico.
  • The data docket is busy this week in Mexico, with Banxico releasing both the quarterly inflation report and the minutes from the February meeting. Additionally, December retail sales data and the final reading of Q4 GDP are scheduled.
  • At 1730GMT/1230ET, Mexico is scheduled to sell the following:
    • MXN9b of 28-day CETES bills, MXN10b of 91-day CETES bills, MXN8b of 182-day CETES bills and MXN17b of 350-day CETES bills.
    • MXN9.5b of 2027 floating bonds, MXN2.2b of 2030 floating bonds, MXN17.5b of 2034 Mbono bonds and MXN1b of 2034 inflation-linked UDI bonds.