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MEXICO: USDMXN Approaches Year-To-Date Highs

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • A clean break of 20.40 during yesterday’s session saw solid follow through amid the breakdown for major equity indices, likely exacerbated by the lower liquidity as we approach the New Year holiday.
  • Spot is now up 2% on the week and has risen just under 23% on the year. USDMXN stands within close proximity of the post-election highs of 20.8313, printed on Nov 26, and a breach of this hurdle would confirm a resumption of the uptrend.
  • December inflation data and Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for the inflation trajectory and tariff related commentary will continue to be closely monitored.
  • As a reminder, President Claudia Sheinbaum announced that she would name a new member to the Banxico committee in January to replace Irene Espinosa. Widely thought of as the most hawkish member of the board, alongside Deputy Governor Heath, she is also the last member of the five-person board that was not appointed by the ruling party.
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  • A clean break of 20.40 during yesterday’s session saw solid follow through amid the breakdown for major equity indices, likely exacerbated by the lower liquidity as we approach the New Year holiday.
  • Spot is now up 2% on the week and has risen just under 23% on the year. USDMXN stands within close proximity of the post-election highs of 20.8313, printed on Nov 26, and a breach of this hurdle would confirm a resumption of the uptrend.
  • December inflation data and Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for the inflation trajectory and tariff related commentary will continue to be closely monitored.
  • As a reminder, President Claudia Sheinbaum announced that she would name a new member to the Banxico committee in January to replace Irene Espinosa. Widely thought of as the most hawkish member of the board, alongside Deputy Governor Heath, she is also the last member of the five-person board that was not appointed by the ruling party.