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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.
MEXICO
- The lack of any dovish surprises in the Banxico decision/statement has bolstered sentiment towards the Mexican peso on Friday, reversing the majority of MXN underperformance on Thursday.
- The move is among the strongest in the EMFX complex, notably outperforming the JPM EMFX Currency index.
- Short-term attention for USDMXN remains on key short-term support and the bear trigger at 20.2787, Jan 18 low. A break of this level would confirm a resumption of the downtrend and open 20.2517, Nov 9 low and 20.1196, Oct 26 low.
- EURMXN has extended the week’s losses to around 1.8% and continues to eye support at the Jan lows, just ahead of the 23.00 handle.
- An extremely light domestic data calendar next week may keep the path of least resistance lower for the pair, assuming no further obstacles from FOMC speakers ahead of the January meeting minutes, due on Wednesday.
- USDMXN down 0.89% at 20.3883
- EURMXN down 1.08% at 23.2554
- Bbg Dollar Index down 0.11% at 1174.48
- JPMorgan EM Ccy Index up 0.30% at 53.6560
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.
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