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Light Data Week, USDMXN Bearish Theme Develops

MEXICO
  • With the turnaround in the US dollar throughout the European session USDMXN has reversed from a high of 20.22, heading back towards the lower end of the pair's most recent range. Technically, a bearish theme has developed following the March 31 break of trendline support.
  • An extremely light week of data/event risk should leave the Peso at the mercy of broader global sentiment/developments. A busy fed speaker schedule ahead of the blackout may not provide too much new information given they have all spoken frequently since mid-March.
  • Data:
    • March ANTAD Same-Store Sales YoY, prior -1.5%
    • 1800BST/1200Local: March Formal Job Creation Total, prior 115,300

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