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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.
MEXICO
- MXN outperformed on Monday amid initial optimism following Sunday’s rejection of President AMLO’s proposed electricity reform bill. Despite yesterday’s USDMXN weakness, the pair has firmly rebounded on Tuesday as emerging market currencies underperform and President AMLO’s remarks on Lithium contracts add an additional MXN headwind.
- Mexico will review lithium contracts that have already been awarded as its congress debates whether to give the state control of the mineral, President AMLO stated at his daily press briefing earlier today.
- The currency pair has risen 1.5% off the 19.7626 lows and cleared the week’s highs back above the 20.00 mark. While a notable bounce, the currency pair remains well within its most recent trading zone and is yet to test meaningful short-term resistance of 20.1950, the Apr 6 high.
- A bearish theme remains in place while price trades below this key short-term resistance, however, clearance of the level may signal a potential base.
- While the Banamex Survey of Economists is due tomorrow, the domestic focus turns to April bi-weekly CPI data where the annual core rate is expected to increase to 7.09%. February economic activity data will then be published on Monday.
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.
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