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USDMXN Approaching Resistance, Lithium Bill Uncertainties

MEXICO
  • Despite the broad dollar weakness over the past two sessions, USDMXN continues to trade with a bid tone amid lingering uncertainties relating to the President’s recently approved lithium bill.
    • However, the pair does remain below the Apr 6 high of 20.1950 and a technically bearish theme is still in place while price trades below this key short-term resistance. Clearance of said level is required to signal a potential base.
  • 1730 Local: Finance Minister Rogelio Ramírez de la O at an speaks at an event hosted by the Georgetown Americas Institute.
  • The bill approved by Mexico’s Congress on Tuesday that would nationalize the country’s lithium mining sector could violate the U.S.-Mexico-Canada Agreement, according to an analyst and a former trade negotiator for the country. (Inside Trade)
    • Former Mexican trade negotiator Kenneth Smith Ramos, warned that the legislation would carry “huge costs” and could violate USMCA “and other free trade agreements” to which Mexico is a party.
    • “Lithium cannot be reserved as a strategic mineral, exclusive to the state, if it was not previously stipulated in the treaty as an exclusive resource. And this is not the case,” Smith Ramos told MexicoBusiness.news, referring to USMCA.
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