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USDMXN Extends Weakening Trend, Grinds Below 17.40

MEXICO
  • Focus on Tuesday was on the continued strength for the Mexican Peso and the notable breach of the bear trigger at 17.4207 in USDMXN. Downward momentum gained traction from mid session and has continued overnight with the pair now trading at the lowest level since May 2016. The break appears to confirm a resumption of the downtrend and increases the likelihood of a move to 17.0507, the Apr 29 2016 low.
  • Mexico's president said on Tuesday a key priority next year will be to improve public sector salaries, as the country gears up for the next presidential election in June 2024.
    • AMLO told a regular press conference one of three priorities was to "improve the salary and benefits of workers, particularly state workers". Another was to boost his government's welfare programs and he also indicated that pensions would be looked at. (Reuters)
  • The Bank of Mexico faces challenges to make its communications clearer, more concise and effective and it should push to improve transparency with the public, Banxico deputy governor Jonathan Heath wrote in a paper published on Tuesday.
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