Australian Stock Market Performance: EWA.MX tracks the MSCI Australia Index, so the overall health and performance of the Australian stock market directly impacts its price.

Currency Exchange Rates: The exchange rate between the Mexican Peso (MXN) and the Australian Dollar (AUD) influences the ETF's price since the underlying assets are in AUD and the ETF is traded in MXN.

Interest Rates in Australia: Changes in Australian interest rates can affect company valuations and economic activity, impacting the stock market and thus EWA.MX.

Global Economic Conditions: Global economic factors such as international trade, commodity prices, and geopolitical events can indirectly affect Australian businesses and the Australian stock market, impacting the ETF.

Investor Sentiment: General market sentiment and investor demand for Australian equities will influence the buying and selling pressure on EWA.MX, affecting its price.

Commodity Prices: Australia is a resource-rich country. Commodity price fluctuations influence resource stocks, which greatly impact the Australian market and EWA.MX.