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MEXICO: USDMXN Back Below 20.00, Lowest Print Since Oct 25

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • The Mexican peso has extended its recovery as the US session kicks into gear Thursday, with USDMXN (-0.58%) slipping back below 20.00 and printing near fresh two-week lows of 19.9171. Spot briefly pierced through the 20-day EMA, potentially signalling scope for a deeper correction to the 50-day EMA at 19.6474. A clear break of this average would undermine the current bullish technical theme.
  • Nominal wage data may cross later today; however, the domestic calendar remains empty for the rest of this week. Focus will be on the Fed meeting later today. Given that Powell has previously endorsed the September Dot Plot as the best guide to policy, we would expect him to have to address whether it’s still current as of November 7.
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  • The Mexican peso has extended its recovery as the US session kicks into gear Thursday, with USDMXN (-0.58%) slipping back below 20.00 and printing near fresh two-week lows of 19.9171. Spot briefly pierced through the 20-day EMA, potentially signalling scope for a deeper correction to the 50-day EMA at 19.6474. A clear break of this average would undermine the current bullish technical theme.
  • Nominal wage data may cross later today; however, the domestic calendar remains empty for the rest of this week. Focus will be on the Fed meeting later today. Given that Powell has previously endorsed the September Dot Plot as the best guide to policy, we would expect him to have to address whether it’s still current as of November 7.