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USDMXN Consolidates Near Recent Lows, Gross Fixed Investment Data Due

MEXICO
  • USDMXN continues to consolidate below 16.6468 support, with moving average studies in a bear mode position, highlighting a clear downtrend. This opens 16.4218, the 1.236 projection of the Dec 5 - Jan 8 - Jan 17 price swing. The central bank speaker slate will be of note, with Fed's Powell speaking on the economic outlook from Stanford, however, the market’s focus will likely remain on the US employment report due this Friday.
  • Gross fixed investment in January is expected to have risen 17.9% Y/y, according to economists surveyed by Bloomberg. Alongside the data, private consumption and domestic vehicle sales data is scheduled for release at 1300BST/0800ET.
  • Mexico's state energy company Pemex requested its trading unit to cancel up to 436,000 b/d of crude exports this month as it gets ready to process domestic oil at the new Dos Bocas refinery, an internal document seen by Reuters shows.
  • - Separately, presidential candidate Xóchitl Gálvez has proposed reviewing the import of crude oil to feed the Pemex refineries. Gálvez said that Mexico needs light oil instead of heavy oil. (BBG)
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