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USDMXN Gravitates Towards 2020 Lows, Committee Approves Banxico Nominee

MEXICO
  • USDMXN continues to trade with a downward bias following the break of key support last week at 19.04. Next in sight is the February 2020 low of 18.5237 which would represent a near four and a half year low for the pair.
  • The Committee of Finance, Agriculture, Communications and Public Works, part of the Permanent Committee of the Mexican Congress, approved on Tuesday the nomination of Omar Mejia to the board of Banco de Mexico, which must now be approved by lawmakers in Congress, Milenio reported.
  • The Mexican shadow bank formerly known as Mexarrend SAPI is tumbling toward a default after revealing accounting errors and plans to miss upcoming debt payments, reminding Wall Street of the danger lurking in bonds from the nation’s less-regulated lenders. (BBG)
  • Close to 3,000 oil workers plan to join a strike as of Tuesday, Milenio reported.
    • The strike was called after STPRM, Pemex’s official union, sent a notice to the state oil company’s leadership, failing to receive a positive response.

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