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Broad Greenback Strength Boosting USDMXN To Fresh Session Highs

  • USD: Upward pressure on US yields and the less favourable backdrop for major US equity benchmarks on Thursday bolstering the greenback in recent trade which has seen USDMXN break above a tight 16.70-80 range established over the past two sessions. Similar move being witnessed off the lows for USDBRL with a more resilient profile for the Chilean peso due to firmer copper prices.
  • MXN: Though moderately firmer, overall bearish trend conditions remain for USDMXN and initial resistance is at 16.9703, the 20-day EMA. More significant resistance does not come into play until the 50-day EMA, which intersects at 17.2580. This is a key short-term hurdle for bulls, where a clear break would signal a reversal.

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