Mexico Morning Markets: Peso Holds Firm as Stocks Hit Another Record
Key Points
- USD/MXN traded near 17.95–17.96 early Tuesday as the dollar softened in thin holiday liquidity.
- Banxico’s 7.00% policy rate still supports carry, even as officials warn services inflation is slow to cool.
- The S&P/BMV IPC set a new high near 64,778, led by metals, while a few laggards fell sharply.
The peso opened the day steady to slightly stronger, with USD/MXN near 17.95–17.96. The trend still points lower for the pair unless it retakes 18.00–18.08.
On the four-hour chart, RSI is near 37 and rallies keep stalling at 18.00. On the daily chart, RSI is near 32, leaving roughly 17.86 as the next support zone.
Domestic data helped at the margin. Traders cited firmer October activity readings and expectations of easier U.S. policy in 2026. That mix tends to favor higher-yielding currencies when risk is calm.
The larger driver was the dollar itself. In Asia, the yen strengthened as intervention talk resurfaced, and thin holiday liquidity amplified the move. The dollar index slipped about 0.2% to around 98.06.
Chart watchers also point to a “golden cross” that could hint at a rebound in early 2026. A delayed U.S. GDP revision is expected to confirm 3.3% third-quarter growth, but most desks see limited market impact.
Banxico remains the policy anchor. The central bank cut on Dec. 18 to 7.00% by a 4–1 vote. It also raised some near-term inflation projections as services disinflation proved sticky.
November inflation was 3.8%, with core at 4.43%. Banxico sees growth of about 0.3% in 2025 and 1.1% in 2026. Mexican equities, meanwhile, pushed higher. The S&P/BMV IPC closed Monday at about 64,778 on volume near 145.6 million.
The tone echoed global year-end positioning: Mark Hackett of Nationwide told Bloomberg that “favorable technicals” and “some optimism on stimulus” were helping.
Local leadership was commodity and cyclical. The top winners were Industrias Peñoles (+7.68%), Televisa (+4.14%), Becle (+3.49%), Grupo México (+3.33%) and Inbursa (+2.84%).
The top losers were Proteak (TEAK, about -16.55%), the exchange operator BMV (BOLSA A, -3.15%), and Rotoplas (AGUA, -2.82%), alongside the softer dollar index and the still-sliding USD/MXN.
Key Facts
— Deep Dive
Live Market IntelligenceMexico — Live Market Board
Rio Times · Live Market Intelligence
Mexico — Live Market Board
+1.10%
192,114.55
+2.63%
64,531.68
+1.10%
10,916.57
+0.08%
2,767,663
+0.32%
2,515.02
-0.59%
59,751.67
+0.18%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPC MEX | 64,531.68 | +1.10% | +12.17% | 63,828.60 | 66,121 | 65,405 | 108,886,187 |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| WALMEX | 48.07 | -0.62% | -14.38% | 48.37 | 48.65 | 48.02 | 10,781,446 |
| GMEXICO | 223.28 | +0.35% | +73.59% | 222.50 | 226.18 | 222.17 | 1,325,556 |
| FEMSA | 201.19 | -0.24% | +25.67% | 201.67 | 206.71 | 199.56 | 750,706 |
| CEMEX | 19.32 | +0.89% | +19.10% | 19.15 | 19.35 | 19.04 | 14,327,054 |
| GFNORTE | 193.98 | +1.18% | +14.36% | 191.71 | 195.79 | 191.83 | 1,579,115 |
| BIMBO | 60.98 | -0.96% | +11.89% | 61.57 | 61.46 | 60.29 | 1,048,115 |
| TELEVISA | 9.71 | +0.21% | +12.78% | 9.69 | 9.75 | 9.60 | 577,851 |
| AMX | 19.80 | -0.95% | +12.53% | 19.99 | 20.05 | 19.70 | 58,058,525 |
| GAP | 366.23 | +0.43% | -21.21% | 364.68 | 370.85 | 362.82 | 226,946 |
| ASUR | 275.04 | +1.25% | -15.28% | 271.64 | 275.08 | 271.31 | 15,451 |
| OMA | 233.50 | +0.62% | -6.48% | 232.06 | 235.00 | 230.62 | 555,693 |
| KOF | 188.04 | +0.86% | +18.94% | 186.44 | 188.56 | 185.52 | 425,273 |
| GRUMA | 252.90 | +0.11% | -21.85% | 252.61 | 254.74 | 250.36 | 90,048 |
| KIMBER | 39.74 | +0.43% | +8.85% | 39.57 | 40.09 | 39.33 | 490,551 |
| AMX ADR | 23.38 | -0.23% | +22.25% | 23.43 | 23.49 | 23.06 | 1,347,445 |
— For the complete picture, read our in-depth guide: Mexico Economy 2026: GDP, Peso, Nearshoring, Banxico and Trade
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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