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USDMXN Continues To Hug Recent Lows

MEXICO
  • The Mexican peso continues to trade resiliently as USDMXN extended to fresh 5-year lows on Wednesday, slowly narrowing the gap with the 18.00 mark and the 2018 lows at 17.94.
  • As well as the hawkish central bank, the latest developments regarding Tesla’s investment in the nation are acting as firm tailwinds for the Peso.
  • Deputy Foreign Minister Martha Delgado announced yesterday that Tesla are to invest around $5 billion in the project, and 6,000 jobs are expected to be created as a result.
  • Additionally, President AMLO said Tesla is looking at further investments in the country, including a battery plant in the state of Hidalgo near a new airport, a key infrastructure project for his administration.

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