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MEXICO: USDMXN Narrows in on Post-Election High, CIBC Like Long BRLMXN

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USDMXN continues to grind higher, eclipsing the European highs and narrowing in both the overnight highs and the post-election peak at 20.8072, a multi-year high for the pair. Clearance of the monthly high resumes the primary uptrend that's dictated price action across H2 this year, and above here, 21.0233 marks the 50% retracement of the post-COVID range.
    • CIBC note that Trump’s recent comments should keep risk assets on the back foot. For those looking to benefit from the extreme exposure of the MXN to tariff headlines, while also providing some protection against risk-off moves into early 2025, CIBC suggest buying BRL/MXN at 3.50 with a 3.80 target and a 3.40 stop loss.
    • Separately, Banorte wrote in their week ahead that they expected a trading range this week between 20.00-20.80 for USDMXN.
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  • USDMXN continues to grind higher, eclipsing the European highs and narrowing in both the overnight highs and the post-election peak at 20.8072, a multi-year high for the pair. Clearance of the monthly high resumes the primary uptrend that's dictated price action across H2 this year, and above here, 21.0233 marks the 50% retracement of the post-COVID range.
    • CIBC note that Trump’s recent comments should keep risk assets on the back foot. For those looking to benefit from the extreme exposure of the MXN to tariff headlines, while also providing some protection against risk-off moves into early 2025, CIBC suggest buying BRL/MXN at 3.50 with a 3.80 target and a 3.40 stop loss.
    • Separately, Banorte wrote in their week ahead that they expected a trading range this week between 20.00-20.80 for USDMXN.