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MEXICO: Peso Displaying Relative Resilience to Broader Risk Off Tone

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • In the aftermath of the latest tariff ‘developments’, it is the Euro which remains under pressure in G10, while the Japanese yen continues to outperform. USDMXN has traded up to a new session high, but remains comfortably off the Wednesday highs located just above 20.70, as the peso is displaying relative resilience to the latest bout of risk off sentiment in global markets.
  • As noted above, it is likely because these headlines, if legitimate, should likely not include Mexico where tariffs are not expected to be implemented until March 01, and only if the US/Mexico working groups cannot come to a broader trade accord.
  • It is worth noting, MNXJPY is down 1.10% and is approaching a cluster of daily lows around 7.29, of which a break could setup the potential for a more substantial move south.
  • CIBC reiterate that USD/MXN’s short-term risks are biased to the upside (Q1 forecast remains at 20.70) as the market awaits the outcome of Trump’s tariff saga.
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  • In the aftermath of the latest tariff ‘developments’, it is the Euro which remains under pressure in G10, while the Japanese yen continues to outperform. USDMXN has traded up to a new session high, but remains comfortably off the Wednesday highs located just above 20.70, as the peso is displaying relative resilience to the latest bout of risk off sentiment in global markets.
  • As noted above, it is likely because these headlines, if legitimate, should likely not include Mexico where tariffs are not expected to be implemented until March 01, and only if the US/Mexico working groups cannot come to a broader trade accord.
  • It is worth noting, MNXJPY is down 1.10% and is approaching a cluster of daily lows around 7.29, of which a break could setup the potential for a more substantial move south.
  • CIBC reiterate that USD/MXN’s short-term risks are biased to the upside (Q1 forecast remains at 20.70) as the market awaits the outcome of Trump’s tariff saga.