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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
- MXNJPY, which has been viewed as an EM carry trade currency pair in the past cycle, has been consolidating lower in the past few days despite the 25bps hike yesterday (along with analyst expectations).
- As for a number of EM countries, inflation risks are still elevated in Mexico with investors expecting inflationary pressures to remain elevated in the coming months.
- With the USD broadly strengthening as Fed taper nears, some EM central banks took the decision to surprise the market with more aggressive hikes (i.e. CNB yesterday).
- MXNJPY found support below its 200DMA (5.39) earlier today.
- Momentum looks bearish in the ST; next key support to watch on the downside stands at 5.33 (61.8% Fibo of the 4.23 – 6.01 range, 2020-2021 low high).
- On the topside, first resistance stands at 5.49 (50D/100DMA).
Source: Bloomberg/MNI
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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