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USDMXN Extends On Monday's Weakness, Key Support Remains 20.1196

MEXICO
  • MXN extends strong start to the week as USDMXN falls another 0.5% to 20.54 on Tuesday. Support remains further away with attention on 20.2517, Nov 9 low and a key support at 20.1196, Oct 26 low.
  • Remittances data due: Mexicans abroad are expected to have sent $4.8b to the country in December, up from $4.67b the previous month, according to economist estimates. Central bank to release data at 9am local. Additionally, results of the latest central bank economist survey should be released.
  • President AMLO, at his daily press conference, tried to defuse a scandal involving his eldest son, who is living in expensive properties in the U.S. in apparent contradiction to the government’s austerity pledge, saying the case isn’t related to his administration.
  • Mexico's Federal Electricity Commission or CFE, says that an Arctic Blast heading to Texas this week won’t affect its finances or natgas supply, according to an emailed statement from the state utility.
  • Separately, CFE and Sempra Infrastructure signed a non-binding memorandum of understanding for the development of important proposed projects, including Vista Pacifico LNG, a natural gas liquefaction project in Topolobampo. The development of these projects would allow CFE to optimize excess natural gas and pipeline capacity from Texas to Topolobampo in order to increase its natural gas supply to its power plants in Baja California Sur. (SRE)

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