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USDMXN Extends Downtrend, Banxico Report On Financial Stability

MEXICO
  • USDMXN continues to gravitate lower and is now approaching a key support level at 17.0507, the Apr 29 2016 low. Additionally, Tuesday’s pressure on the Japanese yen amid the surge for core yields saw MXNJPY extend its impressive performance which has seen the pair advance 3.35% in June.
  • On Wednesday, Central Bank Governor Victoria Rodriguez Ceja will give a report on Mexico’s financial stability, along with the rest of the Banxico board, currently scheduled for 1930BST/1430ET.
  • Of note on Tuesday, diplomat Alicia Barcena was announced as Mexico’s new Foreign Minister after Marcelo Ebrard resigned from his post to pursue the presidential nomination. In similar vein, Senate majority leader Ricardo Monreal, interior minister Adan Augusto Lopez and Mexico City mayor Claudia Sheinbaum have all indicated their intentions to run.

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