MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MEXICO: USDMXN Retesting 50-day EMA, Consumer Confidence Data Due

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • The strong performance for major equity benchmarks on Friday prompted a late rally for the Mexican peso. This theme has moderately extended during today’s session and USDMXN is now retesting the 50-day EMA support. We note that the pair has not had a daily close below this average since mid-July and a sustained breach would undermine a bullish theme, signalling scope for a move towards 18.5999, the Aug 16 low.
  • According to a Bloomberg article, money managers such as Amundi SA, NWI Management and UBS are building bullish bets on the Mexican peso, wading back in just ahead of the US presidential election. A growing number of investors argue the currency will do fine whoever wins the White House in November, with some citing Mexican interest rates at 10.5% as too high to miss out on.
  • Domestic consumer confidence data (1300BST/0800ET) for September is expected to remain unchanged from the prior month at 47.6. Liquidity may be impacted by the US Columbus Day holiday.
162 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The strong performance for major equity benchmarks on Friday prompted a late rally for the Mexican peso. This theme has moderately extended during today’s session and USDMXN is now retesting the 50-day EMA support. We note that the pair has not had a daily close below this average since mid-July and a sustained breach would undermine a bullish theme, signalling scope for a move towards 18.5999, the Aug 16 low.
  • According to a Bloomberg article, money managers such as Amundi SA, NWI Management and UBS are building bullish bets on the Mexican peso, wading back in just ahead of the US presidential election. A growing number of investors argue the currency will do fine whoever wins the White House in November, with some citing Mexican interest rates at 10.5% as too high to miss out on.
  • Domestic consumer confidence data (1300BST/0800ET) for September is expected to remain unchanged from the prior month at 47.6. Liquidity may be impacted by the US Columbus Day holiday.