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MEXICO: Proximity of Judicial Reform Vote Keeps Pressure on MXN

MEXICO
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  • The turn lower for US yields in recent trade has prompted some JPY strength and as such MXNJPY now sits down 0.95% on the session. With the cross leading a lot of the price action for the peso, USDMXN has now risen back above 20.00, keeping the firm focus on the aforementioned bull trigger at the 2024 highs.
  • Domestic pressures continue to dominate as markets await any developments surrounding the judicial reform discussions and potential senate vote.
  • Tech update: USDMXN continues to trade closer to its recent highs and a bullish theme remains intact. Price has again pierced the 20.00 handle and the focus is on 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. The support to watch lies at the 50-day EMA, at 18.9550. Initial support is at the 20-day EMA, at 19.5152.
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  • The turn lower for US yields in recent trade has prompted some JPY strength and as such MXNJPY now sits down 0.95% on the session. With the cross leading a lot of the price action for the peso, USDMXN has now risen back above 20.00, keeping the firm focus on the aforementioned bull trigger at the 2024 highs.
  • Domestic pressures continue to dominate as markets await any developments surrounding the judicial reform discussions and potential senate vote.
  • Tech update: USDMXN continues to trade closer to its recent highs and a bullish theme remains intact. Price has again pierced the 20.00 handle and the focus is on 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. The support to watch lies at the 50-day EMA, at 18.9550. Initial support is at the 20-day EMA, at 19.5152.