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MEXICO: Peso Outperforming Post Trump Remarks

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The very brief spike to 20.55 in USDMXN as President Trump started making remarks in front of the WEF in Davos was immediately reversed. Subsequently, USDMXN has been slowly edging lower, with the peso now extending gains to ~1% on the session.
  • Momentum has picked up on a break of the 50-day EMA for USDMXN, which intersected today at 20.36. This average has acted as strong support across the second half of 2024, and a close below would be a bearish technical development. Lows so far for the pair have been 20.2778.
  • Key support to monitor is 20.0219, the Dec 20 low. A break of this level would undermine the bullish theme and highlight a stronger reversal. Clearance of this level would open 19.7618, the Nov 7 low.
  • Latest from Trump via social media: “My message to every business in the world is very simple. Come make your product in America, and we will give you among the lowest taxes of any nation on earth. But if you don't make your product in America, you will have to pay a tariff.”
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  • The very brief spike to 20.55 in USDMXN as President Trump started making remarks in front of the WEF in Davos was immediately reversed. Subsequently, USDMXN has been slowly edging lower, with the peso now extending gains to ~1% on the session.
  • Momentum has picked up on a break of the 50-day EMA for USDMXN, which intersected today at 20.36. This average has acted as strong support across the second half of 2024, and a close below would be a bearish technical development. Lows so far for the pair have been 20.2778.
  • Key support to monitor is 20.0219, the Dec 20 low. A break of this level would undermine the bullish theme and highlight a stronger reversal. Clearance of this level would open 19.7618, the Nov 7 low.
  • Latest from Trump via social media: “My message to every business in the world is very simple. Come make your product in America, and we will give you among the lowest taxes of any nation on earth. But if you don't make your product in America, you will have to pay a tariff.”