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MEXICO: Pullback In USDMXN Extends To Over 4%

MEXICO
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  • The pullback in USDMXN from this week’s highs continues today, with the pair currently down by 1.2% on the day around 19.30, taking the move from Wednesday’s peak to more than 4%.
    • The move comes as Congress finalises proceedings on the judicial reform today, with lawmakers to count votes from state legislatures in favour of the bill at 0000BST(1900ET).
    • Despite the bullish technical theme prevailing, price action has significantly narrowed the gap towards key support, which remains at the 50-day EMA, at 19.0611. A clear break of this average would be a bearish trend development.
    • On the data front, nominal wages figures for August may cross at some point today. After this release, the domestic calendar remains light of tier one data until retail sales figures on Sep 23.
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  • The pullback in USDMXN from this week’s highs continues today, with the pair currently down by 1.2% on the day around 19.30, taking the move from Wednesday’s peak to more than 4%.
    • The move comes as Congress finalises proceedings on the judicial reform today, with lawmakers to count votes from state legislatures in favour of the bill at 0000BST(1900ET).
    • Despite the bullish technical theme prevailing, price action has significantly narrowed the gap towards key support, which remains at the 50-day EMA, at 19.0611. A clear break of this average would be a bearish trend development.
    • On the data front, nominal wages figures for August may cross at some point today. After this release, the domestic calendar remains light of tier one data until retail sales figures on Sep 23.