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MXN: Mexican Peso Extending Recovery, MXNJPY 3% Off Lows

MXN
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  • The firmer than expected US Core CPI has underpinned an extended recovery for cross/JPY and in particular, MXNJPY is now over 3% off the lows, following a brief breach of the 7.00 mark overnight.
  • Exacerbating the peso’s recovery is the strong reversal higher for major equity benchmarks in the aftermath of the data and in true ‘buy the rumour, sell the fact’ fashion, then judicial reform bill approval appears to have been met with strong profit taking by MXN bears.
  • Higher-than-expected industrial and manufacturing production data earlier today will also be contributing to the renewed peso strength.
  • Price action sees USDMXN extend back below 20.00 and now exhibits declines of 1.6% on the session. Initial support is at the 20-day EMA, at 19.5708. 
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  • The firmer than expected US Core CPI has underpinned an extended recovery for cross/JPY and in particular, MXNJPY is now over 3% off the lows, following a brief breach of the 7.00 mark overnight.
  • Exacerbating the peso’s recovery is the strong reversal higher for major equity benchmarks in the aftermath of the data and in true ‘buy the rumour, sell the fact’ fashion, then judicial reform bill approval appears to have been met with strong profit taking by MXN bears.
  • Higher-than-expected industrial and manufacturing production data earlier today will also be contributing to the renewed peso strength.
  • Price action sees USDMXN extend back below 20.00 and now exhibits declines of 1.6% on the session. Initial support is at the 20-day EMA, at 19.5708.