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USDMXN Below Initial 20-day EMA Support

MEXICO
  • USDMXN has benefitted from the recent plunge in yields, pick up in risk and subsequent greenback weakness. The pair has fallen below initial support at the 20-day EMA and the focus now turns to key support that has been defined at 19.4136, May 30 low.
    • Furthermore, the unanimous 75bp hike last week from Banxico and accompanying hawkish statement is helping to underpin the MXN strength.
    • Softer US data and accompanying recessionary risks continue to be a lingering headwind that has yet to manifest in the price action.
  • Mexico’s national statistics institute has just released the monthly trade balance for May:
    • Mexico May trade deficit $2.215B; Est. -$1.560B
  • President AMLO said the over-budget story about Pemex’s flagship project Dos Bocas is “an exaggeration” during a press briefing Friday.
    • The President said the Dos Bocas refinery cost grew 20%-30% and that the budget rise was approved by Pemex advisory board.
  • As a reminder, the US is preparing to escalate its complaints that Mexico’s state-favoring energy policies violate the nations’ free-trade agreement, people familiar with the matter said, a move that would risk exacerbating tensions between the countries’ governments.
  • Mexico’s central bank will sell MXN30b pesos of Cetes in an extraordinary auction on June 30, according to online announcement.
  • CEMEX is launching its Green Financing Framework, which enables it to issue green financing instruments in line with its Co2 reduction efforts, according to a statement.
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