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MEXICO: USDMXN Extends Losses As Near-Term Tariff Concerns Ease

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • President Sheinbaum said today that the government is looking to develop its semiconductor industry and plans to design semiconductors locally. Her comments came after reports last week that the government is planning to set up a task force to reduce imports from China, amid concerns about potential US tariffs. Despite these concerns, the confirmation that President-elect Trump won’t impose day-1 tariffs has leant support to the peso, which has rallied 1.65% against the dollar.
    • The move brings USDMXN to around 20.44 at typing, although still well above key support at 20.0219, the Dec 20 low. A break of this support would undermine the bullish theme and highlight a stronger reversal, opening 19.7618, the Nov 7 low.
    • Earlier, ministers said that they are ready to receive deportees from the US at borders and airports and are working with the business council on providing jobs for them. The government will also provide migrants from the US with 2,000 pesos to cover their expenses to their places of origin.
    • Separately, Banxico Deputy Governor Heath said earlier that he sees headline and core inflation below 4% in January and aims to reduce it to 3% without exaggerating a restrictive posture. Bi-weekly CPI data are due on Thursday, ahead of the Feb 6 Banxico MPC meeting.
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  • President Sheinbaum said today that the government is looking to develop its semiconductor industry and plans to design semiconductors locally. Her comments came after reports last week that the government is planning to set up a task force to reduce imports from China, amid concerns about potential US tariffs. Despite these concerns, the confirmation that President-elect Trump won’t impose day-1 tariffs has leant support to the peso, which has rallied 1.65% against the dollar.
    • The move brings USDMXN to around 20.44 at typing, although still well above key support at 20.0219, the Dec 20 low. A break of this support would undermine the bullish theme and highlight a stronger reversal, opening 19.7618, the Nov 7 low.
    • Earlier, ministers said that they are ready to receive deportees from the US at borders and airports and are working with the business council on providing jobs for them. The government will also provide migrants from the US with 2,000 pesos to cover their expenses to their places of origin.
    • Separately, Banxico Deputy Governor Heath said earlier that he sees headline and core inflation below 4% in January and aims to reduce it to 3% without exaggerating a restrictive posture. Bi-weekly CPI data are due on Thursday, ahead of the Feb 6 Banxico MPC meeting.