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MEXICO: USDMXN Tops Last Week’s High as Momentum Extends

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegion
  • Despite the pullback to 19.65 on Friday, USDMXN has recovered significantly, and the pair has printed above last week’s peak in recent trade, reaching a high of 20.0350. Strength for broad dollar indices and weakness for the emerging market FX basket are underpinning sentiment to start the week, bolstered by the well-known concerns surrounding the US election and the Mexican economy.
  • The maintenance of a firmer short-term technical tone reinforces a bullish outlook. Attention is on the key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this hurdle would resume the uptrend and open 20.4578, the 11.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing. The 20-day EMA is at 19.5632 and marks first support.
  • Domestic economic activity data for August is scheduled on Tuesday, while retail sales and inflation figures will be published later in the week.
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  • Despite the pullback to 19.65 on Friday, USDMXN has recovered significantly, and the pair has printed above last week’s peak in recent trade, reaching a high of 20.0350. Strength for broad dollar indices and weakness for the emerging market FX basket are underpinning sentiment to start the week, bolstered by the well-known concerns surrounding the US election and the Mexican economy.
  • The maintenance of a firmer short-term technical tone reinforces a bullish outlook. Attention is on the key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this hurdle would resume the uptrend and open 20.4578, the 11.764 projection of the Sep 18 - Oct 1 - Oct 4 price swing. The 20-day EMA is at 19.5632 and marks first support.
  • Domestic economic activity data for August is scheduled on Tuesday, while retail sales and inflation figures will be published later in the week.