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Coming up in the Asia-Pac session on Friday:


Coming up in the Asia-Pac session on Friday:


Needle Still Points North


Bearish Correction Still In Play

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  • Little to report in the way of USDMXN price action with the weekly range capped to 19.85-19.93. Price levels to note remain 19.80 below and initially 19.9829 on the topside, the Sep 8 high.
  • Bi-Weekly CPI on Sep 23 will remain the focus before the next Banxico decision on Sep 30.
  • Markets still digesting yesterday's purchase of $7bn of central bank reserves following discussions relating to the use of IMF Special Drawing Rights to potentially finance debt obligations.
  • AMLO said last week that Mexico had started debt refinancing process, with respect to Pemex, but declined to comment on specifics about the refinancing.
  • As a reminder, local markets will be closed on Thursday for Mexican Independence Day which may impact liquidity with a very thin data/event risk schedule all week.
  • Today, Central bank to present 2Q report on regional economies at 11am.