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Mexican Peso retreats as market sentiment ebbs, volatility falls

  • The Mexican Peso edges lower on Tuesday as market sentiment dips on a variable global interest-rate outlook. 
  • Israel’s bombing of a tent camp in Rafah continues to keep tensions fraught in the region. 
  • MXN maintains a bullish long-term trend on the back of a higher interest-rate outlook. 

The Mexican Peso (MXN) edges lower in its most heavily traded pairs on Tuesday as market sentiment ebbs on continuing uncertainty regarding the global interest-rate outlook whilst Israel’s actions in Rafah keep tensions alive in the Middle East. Asian stock markets closed lower, with the Shanghai Composite down 0.46%, the Nikkei 0.11% lower and the ASX200 closing 0.28% in the red. 

USD/MXN is exchanging hands at 16.68 at the time of writing, EUR/MXN is trading at 18.14 and GBP/MXN at 21.30. 

Mexican Peso edges lower as sentiment dips

The Mexican Peso trades marginally lower in its key pairs on Tuesday as the low volatility trading environment endures. Traders are mostly in waiting-and-see mode ahead of the week’s key release: April’s US Personal Consumption Expenditure (PCE) data – the US Federal Reserve's (Fed) preferred gauge of inflation – out on Friday. 

Mexican Unemployment data for April is scheduled on Thursday and the Mexican Presidential elections are on Sunday. At the moment the Morena party candidate Claudia Sheinbaum is expected to succeed Manuel Lopez Obrador as President, maintaining the status quo.   
 

Mexican Peso supported by interest rate differential

The Mexican Peso is in an overall bullish trend in its key pairs, helped by the interest rate differential between Mexico and its major counterparts. High interest rates of 11.00% in Mexico continue to favor the Peso, which benefits from investor inflows. 

A recent Citibanamex survey showed most economists expected Banxico to cut interest rates in June. However, Banxico Deputy Governor Irene Espinosa recently said that interest rates should remain at their current level because of continued inflationary pressures. Mid-month May headline inflation in Mexico showed a rise to 4.78%, surpassing the previous month’s 4.63%, confirming persistent inflationary pressures, and backing up Espinosa’s hawkish views. 

Technical Analysis: USD/MXN trades in a holding pattern

USD/MXN – or the number of Pesos that can be bought with one US Dollar – trades flat after breaking below the grey trendline of the recovery from the May 21 low. Despite the break, the new short-term uptrend remains intact and still favors longs over shorts. 

USD/MXN 4-hour Chart 

A break above the 16.76 (May 23 high) would probably confirm a continuation of the young uptrend to a possible target at the previous range lows around 16.85. 

The Moving Average Convergence Divergence (MACD) indicator has crossed below its red signal line, giving a sell signal and possibly indicating further weakness. A break below the swing low at 16.62 could indicate a possible continuation down to the low of May 21 at 16.52.

Given that the medium and long-term trends are bearish, there also remains a risk of the pair continuing lower due to longer-term currents. 

Mexican Peso FAQs

The Mexican Peso (MXN) is the most traded currency among its Latin American peers. Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States. Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity.

The main objective of Mexico’s central bank, also known as Banxico, is to maintain inflation at low and stable levels (at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%). To this end, the bank sets an appropriate level of interest rates. When inflation is too high, Banxico will attempt to tame it by raising interest rates, making it more expensive for households and businesses to borrow money, thus cooling demand and the overall economy. Higher interest rates are generally positive for the Mexican Peso (MXN) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken MXN.

Macroeconomic data releases are key to assess the state of the economy and can have an impact on the Mexican Peso (MXN) valuation. A strong Mexican economy, based on high economic growth, low unemployment and high confidence is good for MXN. Not only does it attract more foreign investment but it may encourage the Bank of Mexico (Banxico) to increase interest rates, particularly if this strength comes together with elevated inflation. However, if economic data is weak, MXN is likely to depreciate.

As an emerging-market currency, the Mexican Peso (MXN) tends to strive during risk-on periods, or when investors perceive that broader market risks are low and thus are eager to engage with investments that carry a higher risk. Conversely, MXN tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

 

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