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MEXICO: USDMXN Bounces 1.3% From 50-Day EMA Support

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • Ahead of the FOMC decision at 1900BST(1400ET), the Mexican peso is trading on the back foot, currently 1.2% weaker against the dollar on the day, around 19.32. The move unwinds gains made later in yesterday’s session, leaving the peso marginally softer on the week.
    • Overall, the recent pullback in USDMXN is considered corrective, bolstered by today’s firm bounce from the 50-day EMA support, intersecting today around 19.07. A resumption of gains would refocus attention on initial resistance at 19.4617, the 20-day EMA.
    • However, a dovish reaction to tonight’s Fed’s decision might threaten session lows. A clear break of the 50-day EMA would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • Following softer than expected Q2 aggregate supply and demand figures earlier, the next tier one data release will be July retail sales and economic activity next Monday, followed by bi-weekly CPI data on Tuesday.
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  • Ahead of the FOMC decision at 1900BST(1400ET), the Mexican peso is trading on the back foot, currently 1.2% weaker against the dollar on the day, around 19.32. The move unwinds gains made later in yesterday’s session, leaving the peso marginally softer on the week.
    • Overall, the recent pullback in USDMXN is considered corrective, bolstered by today’s firm bounce from the 50-day EMA support, intersecting today around 19.07. A resumption of gains would refocus attention on initial resistance at 19.4617, the 20-day EMA.
    • However, a dovish reaction to tonight’s Fed’s decision might threaten session lows. A clear break of the 50-day EMA would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • Following softer than expected Q2 aggregate supply and demand figures earlier, the next tier one data release will be July retail sales and economic activity next Monday, followed by bi-weekly CPI data on Tuesday.