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MEXICO: USDMXN Falls 0.7% After Mexico-EU Trade Agreement

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The Mexican peso has unwound earlier losses and is now trading 0.7% stronger against the dollar on the day, buoyed by the announcement of a revamped free-trade agreement with the EU on Friday. The move leaves USDMXN broadly unchanged on the week, although still 1.6% above Wednesday lows as market participants appear to be on the defensive ahead of Trump’s inauguration.
    • Economy Minister Marcelo Ebrard said that although the US accounts for 83% of Mexico’s trade relationship, the government is looking for new trade opportunities. A person with knowledge of the talks also said that the government had been working on the revamp of the EU trade deal as a way of showing strength ahead of USMCA negotiations.
    • Earlier this week, President Sheinbaum also announced the government’s "Plan Mexico", which aims to reduce imports from Asia, particularly China, to strengthen relations with the US and help avoid excessive tariffs on Mexican goods.
    • The trend structure in USDMXN remains bullish, with sights on the bull trigger at 20.9072, the Dec 31 high, which was pierced earlier. Key support to monitor is 20.0219, the Dec 20 low.
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  • The Mexican peso has unwound earlier losses and is now trading 0.7% stronger against the dollar on the day, buoyed by the announcement of a revamped free-trade agreement with the EU on Friday. The move leaves USDMXN broadly unchanged on the week, although still 1.6% above Wednesday lows as market participants appear to be on the defensive ahead of Trump’s inauguration.
    • Economy Minister Marcelo Ebrard said that although the US accounts for 83% of Mexico’s trade relationship, the government is looking for new trade opportunities. A person with knowledge of the talks also said that the government had been working on the revamp of the EU trade deal as a way of showing strength ahead of USMCA negotiations.
    • Earlier this week, President Sheinbaum also announced the government’s "Plan Mexico", which aims to reduce imports from Asia, particularly China, to strengthen relations with the US and help avoid excessive tariffs on Mexican goods.
    • The trend structure in USDMXN remains bullish, with sights on the bull trigger at 20.9072, the Dec 31 high, which was pierced earlier. Key support to monitor is 20.0219, the Dec 20 low.