MEXICO: Sheinbaum Administration to Meet with Canadian Business Execs
- Canadian CEOs will start meetings with President Claudia Sheinbaum, Economy Minister Marcelo Ebrard and Foreign Minister Juan Ramon de la Fuente, in a bid to strengthen trade ties.
- As a reminder, President Sheinbaum’s continued determination to maintain the USMCA agreement and foster the promotion of nearshoring should set a positive tone for the discussions, a dynamic that may have provided an additional peso tailwind on Tuesday.
- Sheinbaum on Monday presented an ambitious economic plan whose goals include making Mexico the 10th largest economy in the world, reducing reliance on imports from China and other Asian countries and creating 1.5 million new jobs.
- USDMXN hovers at 20.50 ahead of the US data, sitting in the middle of the well-defined short-term technical parameters, with key support to monitor at 20.0219 (Dec 20 low), and the bull trigger defined at 20.9072 (Dec 31 high).
- October gross fixed investment and personal consumption data headlines the domestic calendar this week, and is scheduled for 1200GMT/0700ET:
- Oct. Gross Fixed Investment NSA YoY, est. -2.8%, prior -3.3%
- Oct. Gross Fixed Investment SA MoM, est. 0.1%, prior -0.8%
- Oct. Private Consumption YoY, est. 1.4%, prior 1.0%
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY FUTURES: Rounds Of Short Setting & Long Cover Generally Offset On Friday
OI data points to a mix of net short setting and long cover during Friday’s move lower in Tsy futures.
- Net short setting was seen in FV & TY futures, with net long cover elsewhere on the curve.
- The two rounds of positioning swings essentially offset in net DV01 equivalent terms.
| 13-Dec-24 | 12-Dec-24 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,245,997 | 4,251,810 | -5,813 | -226,619 |
FV | 6,062,437 | 6,042,613 | +19,824 | +848,401 |
TY | 4,490,779 | 4,461,757 | +29,022 | +1,907,794 |
UXY | 2,174,717 | 2,183,668 | -8,951 | -802,869 |
US | 1,856,212 | 1,865,738 | -9,526 | -1,228,577 |
WN | 1,765,773 | 1,768,534 | -2,761 | -544,927 |
|
| Total | +21,795 | -46,798 |
US TSY FUTURES: CFTC CoT Shows Hedge Funds Trimming Long End Shorts
The latest CFTC CoT report showed hedge funds covering shorts in the long end (UXY through WN futures) as well as in FV futures, while they added to shorts in TU & TY futures. The cover further out the curve provided a more meaningful positioning swing (in DV01 equivalent terms). The cohort remains net short across all contracts.
- Asset manager positioning saw a mix of net longs being added to (TY, UXY & WN) and trimmed (TU, FV & US). The cohort remains net long across all contracts.
- Broader non-commercial net positioning saw a mix of net shorts being added to and trimmed. The cohort remains net short across all contracts.
Source: MNI - Market News/CFTC/Bloomberg
US: SOFR FIX - 16/12/24
SOFR Fix - Source: Market source
- 1mth 4.37521 -0.00661
- 3mth 4.35138 0.00266
- 6mth 4.27273 0.01232
- 12mth 4.17105 0.03526
