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MXN: 50-Day EMA Continues to Support USDMXN, MXNJPY Declines 1.05%

MXN
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  • Aforementioned yen strength overnight has been most noticeable against the Mexican peso. MXNJPY has extended losses to just over 1% on the session and this dynamic is helping USDMXN rise to fresh session highs in recent trade above 19.50.
  • Price action for USDMXN is supported by the pair failing to breach the 50-day EMA, an average the pair has been unable to close below since mid-July, keeping a bullish theme intact for now.
  • Weekly reserves data is the only release on the economic calendar this week. Markets will receive August economic activity data next Tuesday, an important release for the central bank given the weak growth dynamics in recent months.
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  • Aforementioned yen strength overnight has been most noticeable against the Mexican peso. MXNJPY has extended losses to just over 1% on the session and this dynamic is helping USDMXN rise to fresh session highs in recent trade above 19.50.
  • Price action for USDMXN is supported by the pair failing to breach the 50-day EMA, an average the pair has been unable to close below since mid-July, keeping a bullish theme intact for now.
  • Weekly reserves data is the only release on the economic calendar this week. Markets will receive August economic activity data next Tuesday, an important release for the central bank given the weak growth dynamics in recent months.