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MEXICO: MXNJPY Weakens to Lowest Level Since October 01

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USD gains are pretty universal in recent trade, helped higher by the slippage in US stock futures and US yields after the cash equity open. These developments have prompted some further pressure on the Mexican peso, with USDMXN popping above 20.50 in recent trade.
  • The move in yields is also assisting the Japanese yen back towards its best levels of the session, translating into MXNJPY breaching a key support level around 7.29. Multiple tests of the level in late 2024 and on Feb 03 have built the significance of the level, and today’s breach could signal scope for a deeper medium-term selloff towards 6.99, the 2024 low.
  • Renewed pressure on the MXN could be related to the confirmation of Banxico’s dovish tilt, and the ongoing US/Mexico trade talks in Washington igniting fresh tariff-related concerns. The market appears unfazed by the latest Sheinbaum comments eyeing agreements with the US and a Trump call this coming Friday.
  • In terms of impacting risk sentiment, Trump is set to be meeting his French counterpart across several sets of meetings today, culminating in a press conference alongside Macron at 1930GMT/1430ET.
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  • USD gains are pretty universal in recent trade, helped higher by the slippage in US stock futures and US yields after the cash equity open. These developments have prompted some further pressure on the Mexican peso, with USDMXN popping above 20.50 in recent trade.
  • The move in yields is also assisting the Japanese yen back towards its best levels of the session, translating into MXNJPY breaching a key support level around 7.29. Multiple tests of the level in late 2024 and on Feb 03 have built the significance of the level, and today’s breach could signal scope for a deeper medium-term selloff towards 6.99, the 2024 low.
  • Renewed pressure on the MXN could be related to the confirmation of Banxico’s dovish tilt, and the ongoing US/Mexico trade talks in Washington igniting fresh tariff-related concerns. The market appears unfazed by the latest Sheinbaum comments eyeing agreements with the US and a Trump call this coming Friday.
  • In terms of impacting risk sentiment, Trump is set to be meeting his French counterpart across several sets of meetings today, culminating in a press conference alongside Macron at 1930GMT/1430ET.