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AUDUSD TECHS

Consolidating Above Support

EURJPY TECHS

Corrective Cycle

USDJPY TECHS

Consolidating But Remains Bullish

EURGBP TECHS

Recovering, But Not Through Resistance

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  • USDMXN extending it's slow motion rally, briefly registering gains of 1% for Tuesday. TIIE swaps curve has bear steepened in line with peso losses. 5-yr TIIE swap rates are approaching the highest levels for April around 5.95%.
  • Aside from the FOMC announcement, market participants will await GDP data on Friday where the first quarter reading is expected to come in 0.0% q/q.
  • For reference, the next Banxico decision will be on May 13th.
    • USDMXN up 0.97% at 20.0671
    • BRLMXN up 0.49% at 3.671
  • Mexico TIIE Swaps:
    • 1-yr +5 bps at 4.58%
    • 2-yr +8 bps at 4.97%
    • 5-yr +10 bps at 5.91%
    • 10-yr +11 bps at 6.73%
    • 32-yr +11 bps at 7.51%