(Bloomberg) -- The Mexican peso is poised for its best day in a week as Latin American currencies get a boost from a news report that President Donald Trump would be willing to end the war in Iran.
- MXN advanced 0.4% to 18.0376 as of 10:36 a.m. Mexico City time; Bloomberg dollar spot index is down 0.2%
- “The idea also that some cease-fire and deal will arrive out of the desperate desire to open the Strait of Hormuz bodes well for LatAm, which has been suffering on the sides as pessimism over the global economy seemed to take hold,” said Juan Perez, senior director of trading at Monex USA
- Despite gaining Tuesday, currency is still on track for its worst month since August 2024 due to recent market uncertainty
- USD/MXN one-month implied volatility is at 12.865%, down from 13.545% on Monday
- USD/MXN 200-DMA currently around 18.1849; 100-DMA 17.7863; 50-DMA 17.4892
- An investigation into a hydrocarbon spill in the Gulf of Mexico has so far not encountered a leak at a Pemex offshore installation, says President Claudia Sheinbaum during morning press conference
- Mexico’s gas station owners denied having accepted a voluntary price cap on diesel fuel announced earlier by Sheinbaum, Bloomberg Linea reported citing unnamed industry sources
- WTI crude futures climb 1.6% to $104.53 per barrel
- Mexican economic data (All times Mexico City local):
- 09:00: March International Reserves Weekly, actual $254.1b, prior $254.4b
- 09:00: Feb. Net Outstanding Loans, actual 7.25t, prior 7.24t,revised 7.24t
- US economic data (All times Mexico City local):
- 07:00: Jan. S&P Cotality CS US HPI YoY NSA, actual 0.91%, prior 1.27%, revised 1.13%
- 08:00: Feb. JOLTs Job Openings, actual 6.88m, est. 6.89m, prior 6.95m, revised 7.24m
- 08:00: March Conf. Board Expectations, actual 70.9, est. 68.4, prior 72.0, revised 72.6
- 08:00: March Conf. Board Present Situation, actual 123.3, est. 118.0, prior 120.0, revised 118.7
- 08:00: Feb. JOLTS Layoffs Rate, actual 1.1%, est. 1.1%, prior 1.0%
- 08:00: Feb. JOLTS Layoffs Level, actual 1.72m, est. 1.67m, prior 1.63m, revised 1.66m
- 08:00: Feb. JOLTS Job Openings Rate, actual 4.2%, prior 4.2%, revised 4.4%
- 08:00: Feb. JOLTS Quits Level, actual 2.97m, est. 3.12m, prior 3.14m, revised 3.13m
- 08:00: Feb. JOLTS Quits Rate, actual 1.9%, est. 2.0%, prior 2.0%
- 08:30: March Dallas Fed Services Activity, actual -13.3, est. -4.6, prior -3.2
Reporting by Kelsey Butler
