The regional currencies opened a little weaker this morning, with USD/MXN opening up at 10.8710, after closing at 10.8475. Local traders said that yesterday's movements were exaggerated by tax payments due today, and that once that effect is removed the Peso may give back some of the gains it picked up over the past week.
The front contract on the BM&F opened at 2.1425, after last night's official 2.1390 close, with the battle for the presidency coming to its acme at the end of the month, most of the headlines have been allocated to what either the President or the contender will or won't do, but have had little impact on currency markets. The only hard data, steel production up 6.5% y-on-y, down 3% y-on-y from the same month a year ago due to a blast furnace accident forced closure still reflects the robust Brazilian economy. Local traders were more focused upcoming US data, and soft Asian EM markets, worrying about a carryover into local markets.
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