We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • RT @next_china: U.S., China chief trade negotiators spoke by phone on Saturday, Xinhua reports https://t.co/dMQtd0g4jY
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here: https://t.co/dlzJ31kf3f https://t.co/xp8P9MmCgb
  • As we head into next week, Cable is continuing to digest the massive leg higher last month, which at some point soon could mean another surge. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/LJ42YhDe3X https://t.co/5hGwhGBpLB
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/urMnUCq4fn
  • RT @markets: White-hot pot stocks have flamed out in spectacular fashion https://t.co/3GsVsRyZaZ
  • What is the best time to trade #forex? Find out: https://t.co/M9R46r5ewa #tradingstyle https://t.co/gJ1QDrox67
  • #Gold prices may be given a tailwind from the FOMC minutes and escalating trade war risks if they fuel demand for anti-fiat assets amid expectations of additional Fed easing. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/OJ7WUY9W7E $gld https://t.co/kBp3opzptm
  • Why should you set trading goals? How can it help regardless of what your #tradingstyle is? Find out: https://t.co/AYdD7ODlv1 https://t.co/G0ftVurNNN
  • Manning the penalty box today...i hope there aren't too many visitors https://t.co/1y81Li7laL
  • Do you think your #tradingstyle is of a #FOMO trader? Find out how you can turn that to #JOMO? Find out: https://t.co/79Q4pYdVEd https://t.co/S82AOd5AeP
USDMXN: Peso Falls as Mexico's Finance Minister Suddenly Resigns

USDMXN: Peso Falls as Mexico's Finance Minister Suddenly Resigns

2019-07-09 17:57:00
Thomas Westwater,
Share:

Finance Minister Urzua Resignation- Talking Points

  • Peso sinks nearly 2 percent on the news of Urzua’s resignation
  • A highly critical resignation letter was posted to Urzua’s twitter, mentioning that policy decision were being made “without sufficient foundation”
  • President AMLO announces Deputy Finance Minister Herrera to replace Urzua as Minister of Finance

USDMXN ripped higher today as Mexico’s Minister of Finance unexpectedly resigned. Carlos Urzua, who took the post in December of last year, tweeted out his resignation letter today. The statement addressed President Andreas Manuel Lopez Obrardor and was highly critical of his administration. Urzua highlighted discrepancies regarding economic matters, adding that policy decisions should be based in fact and free from political extremism.

USDMXN

President AMLO made a statement shortly after Urzua’s resignation saying that “Urzua is not in agreement with the governments decisions” and nominated his Deputy Finance Minister Herrera to replace Urzua. The announcement parried further loses in the Peso with USDMXN moving back down to 19.15 from 19.35.

Mexico’s stock market also took a hit with the IPC Index sliding over 1 percent from 43,500 to 42,817 before attempting to make a small recovery. Urzua’s departure doesn’t seem to put the recent USMCA trade deal at risk, but does highlight concerns about policy decision making in AMLO’s administration. The sudden departure could add more volatility to the world’s most traded emerging market currency pair in the midst of a recent GDP downgrade by Banxico – Mexico’s central bank – back in May.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.