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USDMXN prints above 21.00, Swap Rates Hit +40bps

MEXICO
  • Further aggressive moves in equities and Treasury yields have sparked significant sell-offs in EM assets. USDMXN printed back above 21.00 for the first time since November 2020 as the US 10-yr yield spiked above 1.6%. The pair has since consolidated towards 20.90 but remains up 2.55% on the day.
  • Broader dollar strength against G10 accelerated the sell-off in the peso and other EM currencies. The JPMorgan EM Ccy Index resides down 1.61%.
  • Mexico local swaps curve has seen significant bear steepening, with rates higher by around 40 basis points in the belly and long end of the curve.
  • Adding further headwinds for Mex assets - Moody's chimed in on the recent electricity bill that prioritizes Mexico's state utility CFE. They stated it would undermine private competition and the country's clean energy goals and is a credit negative for the sector because it will discourage future private investments in renewables.
BulletEM BulletEmerging Market News
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