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MEXICO: USDMXN Drops 1.2%, Below Initial Support

MEXICO
  • The Mexican peso has continued to rally through Thursday’s session, supported by the rebound in commodities and buoyant equities. USDMXN dipped as low as 19.5416 in recent trade, below initial support at 19.5897, the 20-day EMA, leaving the pair over 1.2% lower on the day.
    • With the judicial reform bill approved, AMLO said he aims to publish it in the official gazette, signed as law, by Sept 15.
    • For USDMXN, a bullish theme remains intact overall, and key support remains much lower at the 50-day EMA, at 19.0523.
    • Banxico are scheduled to hold a webcast on a report about regional economies at 12pm Mexico City time. Nominal wage data may cross today, although the domestic calendar remains light of tier one releases until retail sales data on Sep 23.
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