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MXN: Renewed Peso Weakness, USDMXN Approaches 20.00 Handle

MXN
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  • The turnaround for core fixed income markets and the weakness for equities/oil has provided some fresh support for the Japanese yen in recent trade, which continues to outperform in G10. As such MXNJPY has extended its daily decline to 1.25%, closing back towards last week’s lows which are found at 7.2610.
  • In similar vein amid the most recent dynamics, USDMXN also rises to a session high above 19.90 and markets will pay attention to 19.9570 ahead of the psychological 20.00 mark. A bullish theme in remains intact which continues to be underpinned by the fundamental factors associated with judicial reform and the waning growth trajectory of the economy.
  • A clear break of the 20.00 handle would open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. The bull trigger is 20.2181, the Aug 5 high.
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  • The turnaround for core fixed income markets and the weakness for equities/oil has provided some fresh support for the Japanese yen in recent trade, which continues to outperform in G10. As such MXNJPY has extended its daily decline to 1.25%, closing back towards last week’s lows which are found at 7.2610.
  • In similar vein amid the most recent dynamics, USDMXN also rises to a session high above 19.90 and markets will pay attention to 19.9570 ahead of the psychological 20.00 mark. A bullish theme in remains intact which continues to be underpinned by the fundamental factors associated with judicial reform and the waning growth trajectory of the economy.
  • A clear break of the 20.00 handle would open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. The bull trigger is 20.2181, the Aug 5 high.