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MEXICO: Peso Weakens With Equities, Espinosa Replacement in Jan

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The extension lower for major equity benchmarks has prompted a solid reversal for the greenback on Monday, and as such, USDMXN is trading at the best level since Dec 19 around 20.45. Resistance to watch remains at 20.8313, the Nov 26 high, and a breach of this hurdle would confirm a resumption of the uptrend.
  • As a reminder, President Claudia Sheinbaum announced that she would name a new member to the Banxico committee in January to replace Irene Espinosa. Widely thought of as the most hawkish member of the board, alongside Deputy Governor Heath, she is also the last member of the five-person board that was not appointed by the ruling party.
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  • The extension lower for major equity benchmarks has prompted a solid reversal for the greenback on Monday, and as such, USDMXN is trading at the best level since Dec 19 around 20.45. Resistance to watch remains at 20.8313, the Nov 26 high, and a breach of this hurdle would confirm a resumption of the uptrend.
  • As a reminder, President Claudia Sheinbaum announced that she would name a new member to the Banxico committee in January to replace Irene Espinosa. Widely thought of as the most hawkish member of the board, alongside Deputy Governor Heath, she is also the last member of the five-person board that was not appointed by the ruling party.