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MXN: USD/MXN Down On Positive Trump/Sheinbaum Discussions

MXN
BulletEM BulletEmerging Market News

USD/MXN continues to track lower, following positive comments after a discussion between incoming US President Trump and Mexican President Sheinbaum. The pair was last just under 20.45, up around 0.75% for the session in peso terms. Session lows were at 20.3983. 

  • We are still above the 20-day EMA, see the chart below, which is just under 20.30.
  • Trump noted: "*TRUMP SAYS SHEINBAUM CONVERSATION `VERY PRODUCTIVE'" (per BBG/Truth Social). He added Sheinbaum agreed to stop migration through Mexico immediately and would work on stopping drug inflows into the US.
  • To the extent this lowers the tariff threat from the US it will be seen as positive MXN, but no doubt the Trump administration will monitor success around the above pledges. 

Fig 1: USD/MXN Versus Key EMAs 

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USD/MXN continues to track lower, following positive comments after a discussion between incoming US President Trump and Mexican President Sheinbaum. The pair was last just under 20.45, up around 0.75% for the session in peso terms. Session lows were at 20.3983. 

  • We are still above the 20-day EMA, see the chart below, which is just under 20.30.
  • Trump noted: "*TRUMP SAYS SHEINBAUM CONVERSATION `VERY PRODUCTIVE'" (per BBG/Truth Social). He added Sheinbaum agreed to stop migration through Mexico immediately and would work on stopping drug inflows into the US.
  • To the extent this lowers the tariff threat from the US it will be seen as positive MXN, but no doubt the Trump administration will monitor success around the above pledges. 

Fig 1: USD/MXN Versus Key EMAs 

Keep reading...Show less