Free Trial

USDMXN Remains Below 17.00, Banamex Economist Survey Due

MEXICO
  • The Mexican peso is broadly unchanged this morning, after finally breaking through the 17.00 level for the first time since mid-January in yesterday’s session. While overall USDMXN has been in consolidation mode, the break of the 17.00 mark is a bearish development, which may open key support and the bear trigger at 16.7852, the Jan 8 low.
  • Data wise, the latest Banamex survey of economists will be published today, with forecasts for the interest rate outlook. Weekly international reserves data will also cross at 1500GMT(1000ET), as may February formal job creation data. Later this week, the focus turns to February CPI data with implications for Banxico’s MPC meeting on March 21.
  • With the presidential election campaign up and running, the main opposition candidate, Xochitl Galvez, said Monday that she was considering reviving the Texcoco international airport project in Mexico City that was scrapped by President AMLO. Meanwhile, presidential frontrunner Claudia Sheinbaum said that international cooperation on development spending in Mexico and central America could help curb migration. The election is due to be held on June 2, with Sheinbaum currently holding a 17-point lead over Galvez.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.