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Presidential Candidates Attend Rallies, USDMXN Inches Lower

MEXICO
  • Weak retail sales did little to upset the ongoing rebound for the peso on Monday, with LatAm currencies continuing to thrive amid the lower volatility brought about by the consolidation of UST yields and higher metal prices this month. Overall, the USDMXN trend remains down for the pair and spot has been edging towards the 16.50 handle. Further weakness would target 16.2616, the Apr 9 low and a key support.
  • Pre-election favourite, Claudia Sheinbaum, will hold rallies in Durango and Hermosillo today, less than two weeks before the June 2 election. Separately, opposition candidate Xochitl Galvez will meet with the national agricultural council in Mexico City, followed by a rally in the capital.
  • As was the case in the previous debates, Sunday night’s encounter was punctuated by accusations and personal attacks, with Gálvez directing 24 attacks at the leading candidate, according to a count by the El Universal newspaper.
  • Sheinbaum committed to continuing the current security strategy, highlighting that a government she leads would address the root causes of crime and violence. A “flash poll” conducted for the El País newspaper found that 49% of 512 respondents declared Sheinbaum the winner, while 26% asserted that Gálvez was the victor.
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