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MXN: Greenback Weakness Extends, USDMXN Extends Decline to 0.75%

MXN
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  • The resumption of strength for US Treasury futures in recent trade has placed a renewed offer in the greenback, with EURUSD rising once again above the 1.0500 handle to fresh session highs and USDJPY sliding back below 154.00. Bessent related sentiment continues to weigh on the dollar, as some major currencies are also allowing oversold conditions to unwind recent declines.
  • In sympathy, USDMXN has extended downside momentum, to trade a 20.2599 low, and is down 0.75% on the session. Similar sentiment has been seen for the likes of CLP and COP. The 20-day EMA, which was pierced last week comes in at 20.2117 for USDMXN, with stronger support seen at the 50-day EMA around 19.90.
  • Commenting on MXN, Banorte expect some relief by year-end, with levels below 20.00 per dollar, and they project the currency to end 2025 at 20.90. Separately, CIBC have said they continue to favour buying USDMXN dips near the 20.10 mark.
  • A reminder that Q3 current account data is due at 1500GMT/1000ET.
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  • The resumption of strength for US Treasury futures in recent trade has placed a renewed offer in the greenback, with EURUSD rising once again above the 1.0500 handle to fresh session highs and USDJPY sliding back below 154.00. Bessent related sentiment continues to weigh on the dollar, as some major currencies are also allowing oversold conditions to unwind recent declines.
  • In sympathy, USDMXN has extended downside momentum, to trade a 20.2599 low, and is down 0.75% on the session. Similar sentiment has been seen for the likes of CLP and COP. The 20-day EMA, which was pierced last week comes in at 20.2117 for USDMXN, with stronger support seen at the 50-day EMA around 19.90.
  • Commenting on MXN, Banorte expect some relief by year-end, with levels below 20.00 per dollar, and they project the currency to end 2025 at 20.90. Separately, CIBC have said they continue to favour buying USDMXN dips near the 20.10 mark.
  • A reminder that Q3 current account data is due at 1500GMT/1000ET.