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Peso Remains Under Pressure, Extends Above 50-Day EMA

MEXICO
  • USDMXN continues to trade with an upward bias, after rising by ~2% yesterday, driven by the risk-off tone across global markets. Today, USDMXN has extended above the 50-day EMA, which intersects at 17.1825, reaching an overnight high of 17.3723.
  • Further upside will bring attention to the December highs, at 17.5698 and signal a potential reversal of the technical bearish theme that has been dominating since early December. In the absence of local data releases today, attention will be on US retail sales (1330GMT/0830ET) and IP (1415GMT/0915ET) for December.
  • Bloomberg have noted that within the breakdown of investors pulling money out of a popular exchange-traded fund last week, Mexico saw nearly $52 million of the broader $118.5 million of outflows. They note that investors may be cashing in on last year’s gains amid initial jitters over June’s presidential election and the outlook for US interest rates.
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