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MEXICO: USDMXN Hovers at Last Week’s Lows

MEXICO
  • Potentially playing catch up to the broad greenback weakness and surging equities earlier in the week, USDMXN consistently edged lower on Wednesday. The selloff was halted at last week’s lows around 18.7750, and price has been oscillating around 18.80 during today’s session. 
  • A breach of these lows and the 20-day EMA at 18.7578 would signal scope for a deeper correction to the 50-day EMA which lies at 18.3381. A clear break of the 50-day average would undermine the bullish theme.
  • As a reminder, Goldman Sachs noted late last week that is it time for tactical MXN longs again, highlighting that recent news reports on Mexican policy and data on US activity and labour market have reduced the risks that have recently weighed on the Peso. They recommended going short EURMXN.
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