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24 Jan 2024

Mexican Peso to see high demand in the dips – ING

USD/MXN is now in the 17.20 area. Economists at ING analyze Mexican Peso’s outlook.

MXN underperformance may be indicating markets are pricing in a larger chance of Donald Trump winning the presidency

One dynamic to keep an eye on is the impact on markets of US Republican Primaries. The underperformance of the Mexican Peso since the start of the week may be indicating markets are pricing in a larger chance of Donald Trump winning the presidency after Ron DeSantis endorsed him. 

Trump won the New Hampshire primary on Tuesday, securing 55% of votes and casting serious doubt on the future of Nikki Haley’s campaign. It all seems rather premature, but Banxico is also on the brink of a rate cutting cycle which can compound to keeping the Peso soft. This should not translate into a one-way direction for the MXN though, we still expect to see high demand in the dips, not least due to the preserved carry attractiveness and our view of a US Dollar decline.

 

Jan 24, 2024

US: Flash PMIs surprise to the upside in January

According to Markit, the advanced S&P Global Manufacturing PMI improved to 50.3 for the month of January, up from December’s 47.9.
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Jan 24, 2024

EUR/USD climbs sharply despite strong US PMIs, ahead of ECB’s decision

The EUR/USD resumed its uptrend on Wednesday amid the lack of a catalyst.
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