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MEXICO: USDMXN Advances 1.25%, But Remains Below Pre-WSJ Report Levels

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The Mexican peso is understandably the worst performing currency on Tuesday following reports that President Trump plans to impose 25% tariffs on Mexico and Canada by February 1, citing concerns over undocumented migrants and drugs entering the US.
  • USDMXN is now approaching the overnight highs located at 20.7987, however, notably the pair remains well below Monday’s session high of 20.8946, seen shortly before the Wall Street journal piece hit the wires.
  • Cycle highs at 20.9382 remain the key topside target for the reversal and should the bilateral rhetoric deteriorate any further, initial topside targets include 21.00 and 21.1093, the 2.618 projection of the Sep 18 - Oct 1 - 4 ‘24 price swing.
  • President Sheinbaum will speak during her daily press conference following Donald Trump’s decree declaring a national emergency at the US-Mexico border and his announcements on planned tariffs. Additionally, we have Mexico November retail sales data due at 1200GMT/0700ET:
    • Nov. Retail Sales M/m, est. 0.3%, prior -0.3%
    • Nov. Retail Sales Y/y, est. -1.4%, prior -1.2%
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  • The Mexican peso is understandably the worst performing currency on Tuesday following reports that President Trump plans to impose 25% tariffs on Mexico and Canada by February 1, citing concerns over undocumented migrants and drugs entering the US.
  • USDMXN is now approaching the overnight highs located at 20.7987, however, notably the pair remains well below Monday’s session high of 20.8946, seen shortly before the Wall Street journal piece hit the wires.
  • Cycle highs at 20.9382 remain the key topside target for the reversal and should the bilateral rhetoric deteriorate any further, initial topside targets include 21.00 and 21.1093, the 2.618 projection of the Sep 18 - Oct 1 - 4 ‘24 price swing.
  • President Sheinbaum will speak during her daily press conference following Donald Trump’s decree declaring a national emergency at the US-Mexico border and his announcements on planned tariffs. Additionally, we have Mexico November retail sales data due at 1200GMT/0700ET:
    • Nov. Retail Sales M/m, est. 0.3%, prior -0.3%
    • Nov. Retail Sales Y/y, est. -1.4%, prior -1.2%