MEXICO: USDMXN Probing 2025 Low, Attention on Upcoming Ebrard Comments
Mar-13 13:30
- Despite the firmer greenback in the aftermath of the US PPI data, USDMXN has been creeping lower, sitting just above the key support at 20.1343, of which a test below would see spot reach a new low for 2025. On the downside, immediate attention turns to the December low at 20.0219, with greater downside momentum targeting 19.7618, the Nov 7 low.
- Resistance moves down to the 20- and 50-day moving averages, intersecting around the 20.40 mark.
- Banorte continue to see value in tactical USDMXN longs, and suggest buying dips around the 20.20 area, a level that has served as strong peso resistance. They note the tariff situation continues to provide an environment of potential episodes of volatility, coupled with a lower attractiveness for carry and a very low net long positioning.
- As noted, the domestic focus on Thursday rests on President Sheinbaum’s daily press briefing, where Economy Minister Ebrard is scheduled to provide an update on the trade discussions between US/Mex officials.
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MNI: CANADIAN DEC BUILDING PERMITS +11.0% MOM
Feb-11 13:30
- MNI: CANADIAN DEC BUILDING PERMITS +11.0% MOM
- CANADA RESIDENTIAL BUILDING PERMITS +21.2%; NON-RESIDENTIAL -5.9%
EQUITIES: Fresh record highs for European Indices
Feb-11 13:28
- A fresh record high in Cash SX5E, seems to be helping the futures (VGH5) through the overnight high, and a new record high here too.
- VGH5 is breaking the MNI Tech projection that was at 5381.13, and most Investors will now be watching for any potential test towards the Psychological 5400.00.
- Stoxx600 is now also edging to a new record, with a 546.68 high.
US: MNI POLITICAL RISK - Trump Adjusts Tariff Rate For Metals
Feb-11 13:21
- US President Donald Trump adjusted tariffs on all steel and aluminium products entering the United States to a flat 25%. The new tariff rate will go into effect at midnight tonight.
- China may look to target US tech companies to leverage a position ahead of expected negotiations with the US over trade policy.
- Trump indicated he may provide Australia with a tariff exemption.
- Japanese Prime Minister Shigeru Ishiba is confident an FDI pivot from China to the US can help Tokyo avoid tariffs.
- European Commission President Ursula von der Leyen said the action would trigger "firm and proportionate" countermeasures.
- House Speaker Mike Johnson (R-LA) is expected to outline his budget resolution at a Republican Conference meeting this morning.
- Congressional Republicans are willing to turn Elon Musk's DOGE spending cuts into legislation.
- Analysts are divided over whether Democrats are likely to use a government shutdown as leverage to oppose Trump’s agenda.
- The Senate is expected to confirm Tulsi Gabbard as Director of National Intelligence as soon as today.
- Federal Reserve Chair Jerome Powell will appear before the Senate Banking Committee at 10:00 ET 15:00 GMT.
- President Trump will meet with King Abdullah of Jordan at the White House today amid hardline rhetoric from Trump over the future governance and reconstruction of the Gaza Strip.
- Poll of the Day: Republican voters believe GOP lawmakers should push back against Trump when they disagree.
Full article: US DAILY BRIEF
