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Free AccessMarkets Reopen, USDMXN 20.91 Resistance In Focus
- Mexican markets will reopen after the Tuesday holiday. Despite the rapid rise in USDMXN over the previous five trading sessions, price action was capped on Tuesday as the pair rejected the October highs just above 20.90 once again.
- Fresh highs at 20.9117 represented a marginal breach of the Oct 12 high, however, the print failed to spark any further momentum buying, with the rally gradually running out of steam.
- The consolidation lower to around current levels had multiple aspects in its favour on Tuesday, including pre-FOMC dynamics, the local holiday and continued buoyancy for global equity indices supporting risk sentiment.
- A clear break of 20.90/91 would signal scope for gains above 21.00. Further out, 21.1550 beckons, 76.4% retracement of the Mar - Jun sell-off.
- Today, the nation will report leading indicators for September as well as weekly international reserves up to Oct. 29 before attention turns to the November FOMC decision/statement.
- In separate news, reports released yesterday indicated Mexico is in the process of locking in its income from next year's oil production, people familiar with the matter said, in what's one of the most closely watched deals among the world's energy traders.
- The country has been purchasing put options, which grant the right to sell at a predetermined price, at a price range of about $60 to $65 a barrel, the people said, asking not to be identified because the trade is private. (BBG)
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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.