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MNI China Daily Summary: Friday, May 19

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USDMXN Hovering Near Key Support

MEXICO
BulletEM BulletEmerging Markets NewsHomepage
  • Despite a very minor bounce throughout Monday’s trading session, USDMXN is gravitating back towards the 2018 lows of 17.9401, a notable support level. A break of this level would open 17.5746, the Aug 25 2017 low and 17.45, the 2017 lows. The 20-day EMA, at 18.3487, is the first resistance.
  • The headline focus on Monday was centred around the US administration’s plans to escalate its conflict with Mexico over restrictions on genetically modified US corn. However, Mexico said on Monday that it will demonstrate with data and evidence that there has been no trade harm, after receiving a request from the U.S. Trade Representative's office to start technical consultations.
    • Mexico has stated that the decree is consistent with the USMCA trade pact and the government, authorities will coordinate to find a mutually satisfactory solution.
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  • Despite a very minor bounce throughout Monday’s trading session, USDMXN is gravitating back towards the 2018 lows of 17.9401, a notable support level. A break of this level would open 17.5746, the Aug 25 2017 low and 17.45, the 2017 lows. The 20-day EMA, at 18.3487, is the first resistance.
  • The headline focus on Monday was centred around the US administration’s plans to escalate its conflict with Mexico over restrictions on genetically modified US corn. However, Mexico said on Monday that it will demonstrate with data and evidence that there has been no trade harm, after receiving a request from the U.S. Trade Representative's office to start technical consultations.
    • Mexico has stated that the decree is consistent with the USMCA trade pact and the government, authorities will coordinate to find a mutually satisfactory solution.