USD/MXN rallies near the 18.00 psychological barrier amidst Mexico’s asset nationalization – by christianborjon USDMXN Currencies EmergingMarkets Mexico
In the meantime, on Monday, AMLO expropriated privately-owned land in the state of Mexico to build a commuter train three days after the seizure of a part of a rail line owned by German Larrea’s Grupo Mexico. AMLO’s recent decisions are generating worries amongst the business community in Mexico, as AMLO is contradicting campaign promises that he would not expropriate private property.
Given the backdrop, the USD/MXN had weakened more than 3% since last Tuesday, when the pair printed a new multi-year low of 17.4038. The USD/MXN, on its rally, reclaimed the 20-day EMA at 17.8007 and is closing to challenge the 18.0000 psychological figure. Turning to the data front in the United States, final readings for S&P Global PMIs for May are of particular interest. A surprising dip in the Manufacturing Index to 48.5, contrary to estimates and the previous reading of over 50, is offset by a rise in the Services Index to 55.1. The Composite Index landed at 54.5, and the surge in services slowed its advance.
US New Home Sales have soared to a level unseen in 13 months. With a 4.1% rise or 683K units in April, it marked the most substantial figure since March of the previous year, as the US Commerce Department reported. Aside from this, USD/MXN traders will remain focused on upcoming events, like the Mid-month inflation report from Mexico, with core CPI estimated to ease from 7.75% YoY May 2022 to 7.49%, as projected by analysts. Regarding the US, the minutes of the May meeting of the Federal Reserve will be revealed.USD/MXN has shifted neutrally biased, as the Mexican Peso has weakened for six days in a row. Upside risks lie at the 50-day EMA at 18.0167, a tick above the psychological 18.
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