MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

MXN Stabilises Following Post-Election Rout

MEXICO
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The Mexican peso has stabilised on Wednesday, with USDMXN (-1.30%) extending a pullback from the post-election spike. The pair reached as high as 18.1936 during yesterday’s session, following an impressive 7.5% rally off the week’s lowest levels, although has now returned closer to 17.60. The aggressive moves were prompted by market concerns over the potential for future constitutional changes to be implemented by the increased Morena party powers in congress, likely exacerbated by positioning dynamics for the currency.
  • Via a Bloomberg article, Morgan Stanley have scrapped their positive view of Mexican stocks. “Mexico finds itself in an unprecedented situation and we are in wait-and-see mode on key backstops,” strategists wrote in a note Tuesday, downgrading the country’s equities to an equal-weight recommendation within their Latin America portfolio.
  • Mexico consumer confidence will cross at 1300BST/0800ET. Separately, US Ambassador to Mexico Ken Salazar will speak about the future of the US-Mexico bilateral relationship in an event hosted by the Atlantic Council. The event starts at 2045BST/1545ET.
163 words

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.
  • The Mexican peso has stabilised on Wednesday, with USDMXN (-1.30%) extending a pullback from the post-election spike. The pair reached as high as 18.1936 during yesterday’s session, following an impressive 7.5% rally off the week’s lowest levels, although has now returned closer to 17.60. The aggressive moves were prompted by market concerns over the potential for future constitutional changes to be implemented by the increased Morena party powers in congress, likely exacerbated by positioning dynamics for the currency.
  • Via a Bloomberg article, Morgan Stanley have scrapped their positive view of Mexican stocks. “Mexico finds itself in an unprecedented situation and we are in wait-and-see mode on key backstops,” strategists wrote in a note Tuesday, downgrading the country’s equities to an equal-weight recommendation within their Latin America portfolio.
  • Mexico consumer confidence will cross at 1300BST/0800ET. Separately, US Ambassador to Mexico Ken Salazar will speak about the future of the US-Mexico bilateral relationship in an event hosted by the Atlantic Council. The event starts at 2045BST/1545ET.