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MEXICO: USDMXN Edging Higher as Tariff Threats Linger

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Markets have been primarily driven by latest tariff developments, specifically related to 25% tariffs from the US on steel and aluminium imports. Trump said yesterday that tariffs would apply to imports of both metals from all countries, although he didn’t say when the tariffs would take effect.
  • The Mexican peso has held a relatively contained range since the open, but does trade with a weaker tone. As such, USDMXN is 0.33% higher at 20.63, with the pair edging closer to the mid-week highs from last week around 20.70. The trend structure for the pair remains bullish. In the crosses, MXNJPY remains steady on the session and will continue to focus on a cluster of daily lows around 7.29.
  • Emphasis this morning has been on comments from the central bank’s Governor, who told Reuters the board’s work to combat inflation was not over, and that it had entered a new phase which should support the continuation of the easing cycle.
  • Additionally, Rodriguez indicated that US tariff measures add uncertainty to Banxico’s inflation estimates, but policymakers shouldn’t jump to conclusions on their full effect, speaking to local newspaper El Financiero. Rodriguez added that new Banxico member Jose Gabriel Cuadra’s appointment enlightens board discussions.
  • Most recently, Vehicle production showed an increase to 312.2k in January, however exports fell to 219.4k. Mexican billionaire Carlos Slim Helu will speak with journalists in a press conference in Mexico City later today.
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  • Markets have been primarily driven by latest tariff developments, specifically related to 25% tariffs from the US on steel and aluminium imports. Trump said yesterday that tariffs would apply to imports of both metals from all countries, although he didn’t say when the tariffs would take effect.
  • The Mexican peso has held a relatively contained range since the open, but does trade with a weaker tone. As such, USDMXN is 0.33% higher at 20.63, with the pair edging closer to the mid-week highs from last week around 20.70. The trend structure for the pair remains bullish. In the crosses, MXNJPY remains steady on the session and will continue to focus on a cluster of daily lows around 7.29.
  • Emphasis this morning has been on comments from the central bank’s Governor, who told Reuters the board’s work to combat inflation was not over, and that it had entered a new phase which should support the continuation of the easing cycle.
  • Additionally, Rodriguez indicated that US tariff measures add uncertainty to Banxico’s inflation estimates, but policymakers shouldn’t jump to conclusions on their full effect, speaking to local newspaper El Financiero. Rodriguez added that new Banxico member Jose Gabriel Cuadra’s appointment enlightens board discussions.
  • Most recently, Vehicle production showed an increase to 312.2k in January, however exports fell to 219.4k. Mexican billionaire Carlos Slim Helu will speak with journalists in a press conference in Mexico City later today.