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USDMXN Above 21.00, September Retail Sales Due

MEXICO
  • The US Dollar has maintained its supportive price action and USDMXN has broken above key resistance at 20.9790, Nov 3 high. The initial target for this move is 21.1550, the 76.4% Fibonacci retracement from the March-Jun2 2021 price swing.
  • Weakness in the emerging market FX basket heavily influenced by the moves in the Lira, however, further upward pressure on US yields adding to greenback tailwinds.
  • Due at the top of the hour, Mexico's retail sales are expected to have risen 5.9% y/y in Sept., down from the prior month's 7.2% increase, according to economists surveyed by Bloomberg. The small month-on-month advance is in line with fewer infections and lockdowns. Retail sales remain below their pre-pandemic level.
    • Key data will be in the form of mid-month CPI, due tomorrow. For reference, the December Banxico decision does not fall until December 16.
  • Local News: The administration of Mexican President Andrés Manuel López Obrador issued a broad decree Monday requiring all federal agencies to give automatic approval for any public works project the government deems to be "in the national interest" or to "involve national security."
    • The decree published Monday sidesteps all environmental, accountability and feasibility review processes, and gives regulatory agencies five days to grant a year-long 'temporary' approval for anything the government wants to build. (AP)
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