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Peso Edges Higher Overnight, MXNJPY Prints Fresh 2023 High

MEXICO
  • With major equity indices largely consolidating last week’s sharp recovery, the Mexican peso has been edging higher to start the week, re-asserting its resilience in recent sessions. While USDMXN has been slowly grinding lower, it is worth noting the near 5% bounce for MXNJPY since last week, which has resulted in the pair printing a fresh 2023 high of 7.6824.
  • USDMXN continues to hover just above key support at 17.8981, the Mar 9 low. The outlook remains bearish, and a break of this level would reinforce bearish conditions, opening the potential for a move to 17.5746, the Aug 25 2017 low.
  • On the domestic docket this week, we have a multitude of tier-two data releases. These include April manufacturing PMI & remittances, both due today, followed by job creation, unemployment rate and consumer confidence data.
  • Later today, the central bank will publish its latest survey of economists before the May 18 central bank meeting/decision where the Banxico committee could signal the end of the tightening cycle.
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