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USDMXN Respecting The 50-day EMA For Now

MEXICO
  • Relatively muted price for the Peso overnight with USDMXN roughly half a percent below pre-FOMC announcement levels. A brief breach of last week’s lows and the 50-day EMA just above the 20.30 mark struggled to attract any momentum selling, with the most recent firming of the USD halting the MXN momentum.
  • Just released: Mexico Unemployment Rate Rose to 3.35% in June; Est. 3.37% (BBG)
  • Pemex will post 2Q results and hold a conference call at 10am Mexico city time.
  • Focus domestically is on tomorrow’s first reading of second quarter GDP.
  • Mexico is preparing for “important” talks with the US and Canada over their dispute filed under the USMCA trade deal, Foreign Minister Marcelo Ebrard said Wednesday. (BBG)
    • Dispute resolution panels are a “zero-sum game” in which “you can win everything or lose everything” so the talks before are important, Ebrard said in a statement.


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