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USDMXN Finds Support Amid Poorer Global Sentiment

MEXICO
  • With global equity benchmarks sliding from their Monday highs, the Bloomberg dollar index (+0.35%) has caught a bid, lending support to USDMXN.
  • Last week, USDMXN gravitated below key support at 19.7274, the Apr 4 low. The clear breach has highlighted an important technical break and confirmed a resumption of a bear cycle that started on Nov 26 last year.
  • Subsequently, the pair fell below 19.60 and 19.55, notable 2021 lows, which has prompted an extension of the bearish price action to print lows close to 19.40 during Monday’s holiday session.
    • This represents the lowest level for the pair since briefly after the pandemic began in early 2020.
  • Released a little earlier: *MEXICO APRIL UNEMPLOYMENT RATE 3.03%; EST 3.50% (BBG)
  • Later today - Fitch holds event to discuss environmental, social and governance practices in Mexico.
  • Mexico’s Finance Ministry said a Bloomberg report overestimated the cost of a fuel subsidy and underestimated crude export revenue.
    • The report in question was titled: Mexico Fuel Subsidy Is Now Costing More Than Oil Export Profits
  • The Finance Ministry sent a statement responding to the report:
    • The article’s comparison is incomplete because it doesn’t include all income from the sale of crude, according to the Finance Ministry.
    • Main source of oil revenue is Pemex and the private sector’s production and extraction of oil, but there are revenues from other hydrocarbons that should be considered.
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