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USDMXN Holds 21.00 Resistance, Although Peso Relief Short-Lived

MEXICO
  • Yesterday’s volatile session for the greenback was echoed in USDMXN, with the initial spike following US CPI finding firm resistance at 21.00. The pair traded as low as 20.64 late Wednesday but the greenback has since resumed its march higher amid hawkish comments from Fed board members.
    • 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing, is a level of note on the topside.
  • US Ambassador to Mexico Ken Salazar speaks at an event hosted by the Wilson Center following President AMLO’s meeting with US President Joe Biden earlier this week.
  • Yesterday, Carlos Slim said there was great understanding in the meeting between US President Joe Biden and AMLO. He explained that he sees good opportunity for Mexico to boost oil output.
    • Slim said Mexico is successfully increasing refinery output and that oil output could reach 2m b/d next year.
    • Slim added that Mexico should be promoting more of its own goods and that President AMLO has a very good relationship with businessmen. (BBG)
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