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MEXICO: USDMXN Edging Lower Following Retail Sales Data / Bessent Comments

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The Mexican peso is trading in a tight range as the US trading session commences, moderately extending session gains to 0.39% against the greenback, largely reflective of the softer dollar index.
  • Bessent comments hitting the wires have had more of an impact in G10 FX and gold, after he suggested a revaluation of US gold reserves was “not what I had in mind” in his interview with BBG TV.  Earlier session lows of $2,933.1 remain untested.
  • Retail sales data for December was better than expected in Mexico, potentially allaying some concerns following the downward revision to 2025 growth in Banxico’s latest quarterly report released on Wednesday.
    • *MEXICO DEC. RETAIL SALES RISE 0.1% M/M; EST. -0.4% (BBG)
    • *MEXICO DEC. RETAIL SALES FALL 0.2% Y/Y; EST. -1.5% (BBG)
  • Banxico minutes are due later today, and Citi’s latest survey of Mexican economists will also be released. It is worth noting on Friday that Mexico will release the final reading of Q4 GDP and December economic activity.
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  • The Mexican peso is trading in a tight range as the US trading session commences, moderately extending session gains to 0.39% against the greenback, largely reflective of the softer dollar index.
  • Bessent comments hitting the wires have had more of an impact in G10 FX and gold, after he suggested a revaluation of US gold reserves was “not what I had in mind” in his interview with BBG TV.  Earlier session lows of $2,933.1 remain untested.
  • Retail sales data for December was better than expected in Mexico, potentially allaying some concerns following the downward revision to 2025 growth in Banxico’s latest quarterly report released on Wednesday.
    • *MEXICO DEC. RETAIL SALES RISE 0.1% M/M; EST. -0.4% (BBG)
    • *MEXICO DEC. RETAIL SALES FALL 0.2% Y/Y; EST. -1.5% (BBG)
  • Banxico minutes are due later today, and Citi’s latest survey of Mexican economists will also be released. It is worth noting on Friday that Mexico will release the final reading of Q4 GDP and December economic activity.