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MEXICO: USDMXN Back Above 20.00, Energy Reform to be Signed into Law

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Last week’s renewed optimism for the Mexican peso has run out of steam this week, and USDMXN has extended its bounce back above 20.00 on Tuesday. Analysts continue to cite the plethora of risks regarding the outlook for the Mexican economy, well summarised in our Commerzbank note earlier today (https://mni.marketnews.com/3Y28daL). The prior breakdown level of 20.1343 now represents initial resistance for the pair.
  • Local markets reopen today following the President’s Day holiday on Monday, although the domestic data calendar remains very light this week. Aggregate supply & demand data and the Citi survey of economists are due Thursday, before the focus then turns to Monday’s release of CPI and economic activity for January.
  • Markets will remain attentive to President Sheinbaum’s daily press briefing, likely to remain in the spotlight as the April 02 tariff deadline day approaches. Today, Sheinbaum is also scheduled to sign energy reform bills passed by Congress into law at an event starting at 10am Mexico City time, in recognition of the 87th anniversary of Mexico’s oil expropriation. Separately, Economy minister Marcelo Ebrard will attend a national automotive sector event.
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  • Last week’s renewed optimism for the Mexican peso has run out of steam this week, and USDMXN has extended its bounce back above 20.00 on Tuesday. Analysts continue to cite the plethora of risks regarding the outlook for the Mexican economy, well summarised in our Commerzbank note earlier today (https://mni.marketnews.com/3Y28daL). The prior breakdown level of 20.1343 now represents initial resistance for the pair.
  • Local markets reopen today following the President’s Day holiday on Monday, although the domestic data calendar remains very light this week. Aggregate supply & demand data and the Citi survey of economists are due Thursday, before the focus then turns to Monday’s release of CPI and economic activity for January.
  • Markets will remain attentive to President Sheinbaum’s daily press briefing, likely to remain in the spotlight as the April 02 tariff deadline day approaches. Today, Sheinbaum is also scheduled to sign energy reform bills passed by Congress into law at an event starting at 10am Mexico City time, in recognition of the 87th anniversary of Mexico’s oil expropriation. Separately, Economy minister Marcelo Ebrard will attend a national automotive sector event.