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Sheinbaum Press Conference Expected at 1800BST

MEXICO
  • Following a recovery in MXN yesterday, aided by lower US yields and a bounce for US stocks, USDMXN continues to trade moderately lower on Wednesday. Nonetheless, the trend outlook in USDMXN remains bullish, and the most recent pullback, from the Jun 12 high, still appears to be a correction. Support to watch lies at 18.1378, the 20-day EMA. It was recently pierced, and a clear break would expose the 50-day EMA at 17.6974.
  • Data wise, domestic vehicle sales for June are due at 1300BST(0800ET), before attention turns to a batch of US data, ahead of the July 4 holiday, including ADP employment, jobless claims and ISM services.
  • On the political front, President-elect Sheinbaum is due to hold a press conference in Mexico City at 1800BST(1300ET). Tomorrow, she is expected to announce further appointments to her cabinet.

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