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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MEXICO
- The initial dip lower in the greenback on the release of last night's FOMC minutes was met with solid support. USDMXN dipped to 19.95 temporarily before recovering to around 20.05 at the US close.
- A Strong combination of dollar strength, broad weakness in equity indices and commodity markets have weighed on the Peso overnight.
- Amid the souring risk sentiment, USDMXN traded above the August highs to print 20.2023 overnight, honing in on the July highs, residing at 20.25.
- Additional headwinds stemmed from the nation Mexico reporting a record daily rise in Covid-19 cases of 28,953. The ministry reported 940 new Covid-19 deaths. While Lopez-Gatell has reiterated the effectiveness of Mexico's vaccine campaign, the death toll from the pandemic has been rising by levels not seen since in early March.
- Should the bearish peso price action continue, an initial break of the 20.25 highs would be a bullish signal for USDMXN, however, the next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg.
- No data for the rest of the week. Focus is on June retail sales and Aug-15 Bi-Weekly CPI released next week.
MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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