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MEXICO: USDMXN Holding Pattern Remains, Banxico’s Mejia at Banorte Event

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USDMXN remains in a holding pattern, having broadly respected a 20.20-40 range across the past four trading sessions. The peso has been resilient to the waning sentiment across major equity benchmarks, with the broader dollar weakness helping to cap the USDMXN topside.
  • Short-term technical parameters are well defined, with key support at 20.1343, the Jan 24 low, gaining more attention. A clear break of this level would highlight a potential reversal and open the 20.00 handle and 19.7618, the Nov 7 2024 low.
  • Attention will be on President Sheinbaum’s press briefing today at 1330GMT(0930ET). As a reminder, Economy Minister Marcelo Ebrard was in Washington yesterday for trade talks with US officials centred around aluminium and steel. Separately, US financial authorities on Tuesday said they will require money services businesses operating near the Mexican border to report much smaller transactions as part of efforts to target money laundering by drug cartels. (BBG)
  • US CPI data takes the spotlight on Wednesday amid a vacant domestic calendar. Banxico Deputy Governor Omar Mejia and Finance Ministry Chief Economist Rodrigo Mariscal will speak in an event hosted by Banorte from 1900GMT/1500ET in Mexico City. Banxico’s second meeting for 2025 falls on March 27, where consensus expectations are for another 50bp cut to 9.00%.
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  • USDMXN remains in a holding pattern, having broadly respected a 20.20-40 range across the past four trading sessions. The peso has been resilient to the waning sentiment across major equity benchmarks, with the broader dollar weakness helping to cap the USDMXN topside.
  • Short-term technical parameters are well defined, with key support at 20.1343, the Jan 24 low, gaining more attention. A clear break of this level would highlight a potential reversal and open the 20.00 handle and 19.7618, the Nov 7 2024 low.
  • Attention will be on President Sheinbaum’s press briefing today at 1330GMT(0930ET). As a reminder, Economy Minister Marcelo Ebrard was in Washington yesterday for trade talks with US officials centred around aluminium and steel. Separately, US financial authorities on Tuesday said they will require money services businesses operating near the Mexican border to report much smaller transactions as part of efforts to target money laundering by drug cartels. (BBG)
  • US CPI data takes the spotlight on Wednesday amid a vacant domestic calendar. Banxico Deputy Governor Omar Mejia and Finance Ministry Chief Economist Rodrigo Mariscal will speak in an event hosted by Banorte from 1900GMT/1500ET in Mexico City. Banxico’s second meeting for 2025 falls on March 27, where consensus expectations are for another 50bp cut to 9.00%.