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Mexican Peso climbs some 0.12% following 2% drop since late Monday on Trump’s rhetoric. Mexican President Sheinbaum warns of retaliation with higher tariffs on US imports. Economy Minister Ebrard highlights potential job losses in the US and economic slowdown due to US tariffs. The Mexican Peso recovered some ground after depreciating more than 2% since Monday, following Trump’s remarks that he would impose tariffs on Mexico. The Peso shrugs off Trump’s comments and appreciates amid broad US Dollar weakness. The USD/MXN trades at 20.62, down 0.12%. On Tuesday, Mexican President Claudia Sheinbaum said that Mexico would raise tariffs on imports from the US in retaliation for Mexican exports. In the meantime, Economy Minister Marcelo Ebrard commented that a 25% tariff on Mexican products exported to the US would cause the loss of over 400,000 jobs in the United States, slow growth, and hurt US companies and consumers. Barclays analysts said that imposing a 25% tariff against Canadian and Mexican imports “could wipe out effectively all profits” from the three Detroit automakers. The Mexican Balance of Trade for October printed a surplus of $0.37 billion, improving compared to September’s -$0.579 billion deficit. In the US, the schedule was busy. October’s Durable Good Orders improved, and Initial Jobless Claims came in below estimates. Further data revealed the second estimate of the Gross Domestic Product (GDP) for the third quarter and the Federal Reserve’s (Fed) preferred inflation gauge, the Core Personal Consumption Price Expenditures (PCE) Price Index. Ahead this week, the Mexican economic docket will feature the release of the latest meeting of the Bank of Mexico (Banxico). Daily digest market movers: Mexican Peso ignores Trump’s tariffs rhetoric to appreciate Mexico’s Chamber of Deputies, after approving the dissolution of autonomous bodies, proposed adjustments to the details of a contentious reform that abolished several…

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Filed under: News - @ November 27, 2024 7:21 pm