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Bullish Technical Developments For USDMXN

MEXICO
  • USDMXN is 0.62% lower in early trade today but remains well above last week’s lows, after rising to a high of 17.0856 yesterday. The pair has traded through both the 20- and 50-day EMAs, strengthening a short-term bullish theme as well as breaching the next resistance level of 16.9473, the Mar 19 high.
  • BBVA note that MXN was previously one of the main beneficiaries of the carry trade and as the risk environment has deteriorated this week, it is understandable that the currency has seen a larger unwind.
  • In other news, Pemex expects its flagship Dos Bocas refinery to refine as much as 340,000 barrels of crude oil per day by September, company executives said yesterday. Separately, Pemex CEO Octavio Romero said that the company is in talks with a private firm on investment in the Lakach offshore field. Pemex had previously been in talks with New Fortress Energy on a $1.5bn investment, but this did not progress.
  • On the data front, the calendar remains empty today, with attention turning to Friday’s February retail sales data next. Meanwhile, opposition Presidential candidate Xochitl Galvez will speak at a Latam Family Office Summit at 1600BST(1100ET).
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