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MXN: MXN Gains as Senate Passes Judicial Reform, MXNJPY Recovers from Below 7.00

MXN
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The Mexican peso has gained around 0.5% against the dollar after the nation’s Senate approved the general text of President AMLO’s plan to overhaul the judicial system. The constitutional reform proposal was approved early Wednesday with 86 votes in favour and 41 votes against. For USDMXN, today’s price action puts the pair just below the 20.00 handle, though we still remain comfortably above the week’s earlier lows.

  • Strength in the Japanese yen, partly attributable to comments from BOJ Board Member Nakagawa, had prompted a further decline for MXNJPY overnight, with the cross breaching the 7.00 handle for the first time since March 2023. While the cross has since returned back above this level, it remains moderately lower on the session at typing.
  • Technical update: USDMXN continues to trade closer to its recent highs and a bullish theme remains intact. Focus is on 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial support is at the 20-day EMA, at 19.6095.
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The Mexican peso has gained around 0.5% against the dollar after the nation’s Senate approved the general text of President AMLO’s plan to overhaul the judicial system. The constitutional reform proposal was approved early Wednesday with 86 votes in favour and 41 votes against. For USDMXN, today’s price action puts the pair just below the 20.00 handle, though we still remain comfortably above the week’s earlier lows.

  • Strength in the Japanese yen, partly attributable to comments from BOJ Board Member Nakagawa, had prompted a further decline for MXNJPY overnight, with the cross breaching the 7.00 handle for the first time since March 2023. While the cross has since returned back above this level, it remains moderately lower on the session at typing.
  • Technical update: USDMXN continues to trade closer to its recent highs and a bullish theme remains intact. Focus is on 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial support is at the 20-day EMA, at 19.6095.