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MEXICO: USDMXN Extends Pullback, Trend Structure Remains Bullish

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The peso continues to trade with a more buoyant tone on Tuesday, benefitting from the softer-than-expected US data and more stable backdrop for major equity benchmarks. While President Sheinbaum has alluded to there being no invitation to Trump’s inauguration, yesterday’s developments regarding “Plan Mexico”, appear to be peso supportive at the margin.
  • “I am convinced that the relationship between Mexico and the United States will be good and respectful, and that dialogue will prevail,” said Claudia Sheinbaum when delivering the report for her first 100 days in power.
  • The trend structure in USDMXN is unchanged, it remains bullish and the recent pullback appears to be a correction. Short-term parameters appear well established, with key support to monitor at 20.0219 (Dec 20 low), and the bull trigger defined at 20.9072 (Dec 31 high).
  • October gross fixed investment and private consumption data are due on Wednesday, both preceding the key US inflation figures.
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  • The peso continues to trade with a more buoyant tone on Tuesday, benefitting from the softer-than-expected US data and more stable backdrop for major equity benchmarks. While President Sheinbaum has alluded to there being no invitation to Trump’s inauguration, yesterday’s developments regarding “Plan Mexico”, appear to be peso supportive at the margin.
  • “I am convinced that the relationship between Mexico and the United States will be good and respectful, and that dialogue will prevail,” said Claudia Sheinbaum when delivering the report for her first 100 days in power.
  • The trend structure in USDMXN is unchanged, it remains bullish and the recent pullback appears to be a correction. Short-term parameters appear well established, with key support to monitor at 20.0219 (Dec 20 low), and the bull trigger defined at 20.9072 (Dec 31 high).
  • October gross fixed investment and private consumption data are due on Wednesday, both preceding the key US inflation figures.