MNI China Daily Summary: Tuesday, Aug 27

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MNI:US JUN FHFA HPI SA -0.1% V +0.0% MAY; +5.1% Y/Y

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USD/MXN retains Wednesday's bid and....>

MEXICAN PESO
MEXICAN PESO: USD/MXN retains Wednesday's bid and pushes towards MXN24.5,
struggling just ahead of the level. The rate sits +1,130 pips at MXN24.4942.
Wider defensive feel coupled with rating action drives the spot higher in the
Asian morning.
- DBRS Morningstar downgraded Mexico to BBB, keeping their assessment of the
trend at negative. DBRS pointed to a "sharp deterioration in Mexico's immediate
growth outlook due to the global outbreak of Covid-19".
- Banxico Governor Esquivel estimated the number of jobs lost due to the
coronavirus outbreak at 700,000 through the end of April, adding that some
sectors of the economy may re-open by the month-end.
- A clean break of MXN24.5 would clear the way to May 4 high of MXN24.8881,
followed by Apr 24 peak at MXN25.2892. Bears look for a pullback under trendline
support intersecting at MXN23.8109, which would bring Apr 30 low of MXN23.6441
into play. Further losses would open Apr 13 low of MXN23.2460.
- Mexico reports its monthly and bi-weekly CPI data later today, with gross
fixed investment coming up on Friday.
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