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MEXICO: Weekly International Reserves Due, USDMXN Support Intact For Now

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • In a light calendar ahead of the Christmas holiday, weekly international reserves figures for the period ending Dec 20 will cross at 1500GMT(1000ET). In the previous week, reserves reached $228.7bn. After today’s data, the next figures due are November’s budget balance numbers on Dec 30, followed by net outstanding loans, also for November, on Dec 31.
    • Dec. International Reserves Weekly, prior $228.7b
  • Meanwhile, the government will sell MXN1.7b of 2027 floating IPAB bonds and MXN1.5b of 2031 floating IPAB bonds at 1730GMT(1230ET). President Sheinbaum will not hold her usual morning press conference, given the Christmas break.
  • For USDMXN, the trend structure is bullish, although attention remains on the Nov 6 pullback and the move down on Nov 7. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 20.1002. A clear break of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low. Resistance to watch is at 20.8313, the Nov 26 high.
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  • In a light calendar ahead of the Christmas holiday, weekly international reserves figures for the period ending Dec 20 will cross at 1500GMT(1000ET). In the previous week, reserves reached $228.7bn. After today’s data, the next figures due are November’s budget balance numbers on Dec 30, followed by net outstanding loans, also for November, on Dec 31.
    • Dec. International Reserves Weekly, prior $228.7b
  • Meanwhile, the government will sell MXN1.7b of 2027 floating IPAB bonds and MXN1.5b of 2031 floating IPAB bonds at 1730GMT(1230ET). President Sheinbaum will not hold her usual morning press conference, given the Christmas break.
  • For USDMXN, the trend structure is bullish, although attention remains on the Nov 6 pullback and the move down on Nov 7. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 20.1002. A clear break of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low. Resistance to watch is at 20.8313, the Nov 26 high.