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MEXICO: USDMXN Rises 0.5% As Door Still Open To Larger Rate Cuts Ahead

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The Mexican peso continues to trade on the back-foot today, after latest economic activity and bi-weekly CPI kept the door open for Banxico to step up the easing pace in the coming meetings. USDMXN is up by ~0.5% after testing the 20.20 mark in recent trade, although the pair remains well below resistance at 20.8313, the Nov 26 high.
    • Support to watch is at the 50-day EMA, at 20.0957, which remains intact for now. A clear break of it would undermine the bullish theme for USDMXN and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
    • Last week, Banxico signalled the possibility of stepping up the easing pace ahead, after it cut its policy rate by 25bp (see the full MNI review here), although analysts are split over whether conditions for this will be met.
    • Meanwhile, President Sheinbaum said today that all of Pemex’s providers will be paid in the coming months. Speaking at her daily press conference, she said that the government would make payments in December, January and February.
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  • The Mexican peso continues to trade on the back-foot today, after latest economic activity and bi-weekly CPI kept the door open for Banxico to step up the easing pace in the coming meetings. USDMXN is up by ~0.5% after testing the 20.20 mark in recent trade, although the pair remains well below resistance at 20.8313, the Nov 26 high.
    • Support to watch is at the 50-day EMA, at 20.0957, which remains intact for now. A clear break of it would undermine the bullish theme for USDMXN and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
    • Last week, Banxico signalled the possibility of stepping up the easing pace ahead, after it cut its policy rate by 25bp (see the full MNI review here), although analysts are split over whether conditions for this will be met.
    • Meanwhile, President Sheinbaum said today that all of Pemex’s providers will be paid in the coming months. Speaking at her daily press conference, she said that the government would make payments in December, January and February.