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MEXBOL Reaches 9-Month High In Impressive 20% Rebound

MEXICO
  • The impressive rally for Mexico’s benchmark index stalled on Friday after touching its highest point in nine months. This marked a near 21% rebound from its low at the end of September.
  • In similar vein, the Mexican Peso continues to trade with a positive bias, backing up its resilient performance over the course of 2022. USDMXN broke a key support at 19.04 last week and has failed to trade back above this level since.
    • Having extended below the 19 handle to briefly trade below 19.75, the next support is seen at 18.6301, the 1.5 projection of the Jul 14 - Sep 12 - Sep 28 price swing. Below here, the most notable level is the 2020 low, which resides at 18.5237.
    • A very quiet docket this week in Mexico with November retail sales scheduled on Friday.

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