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USDMXN Falls To Lowest Level Since February 2020

  • The Mexican Peso continues to trade in resilient fashion and the modest improvement to risk sentiment overnight has seen USDMXN plummet to the lowest levels seen since the early onset of the pandemic.
    • The Mar 3 2020 low at 19.1560 has been breached and the pair has narrowed the gap with the 19.00 handle approaching the start of the US trading session. The next key level on the downside is at 18.5237, which represents the 2020 low.
  • Unemployment rate data is due at the top of the hour with the October reading expected to fall to 3.25% from 3.34% in September.
  • Focus remains on tomorrow’s Banxico quarterly inflation report as well as Thursday’s release of the economic expectations survey.
  • Mexico to Redeem €1.2B 1.375% Global Notes Due 2025 on Dec. 29 (BBG)
    • Mexico has elected to redeem the entire €1,200,000,000.00 outstanding principal amount of the Notes on Dec. 29 pursuant to the terms and conditions of the notes.

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