© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI China Daily Summary: Monday, November 27

MNI BRIEF: BOJ Cannot Sufficiently Foresee 2% Target - Ueda

MNI BRIEF: BoE's Hauser Joins RBA As Deputy Gov

MNI: UK CBI NOV DIST TRADE REPORTED SALES -11

MNI DATA FORECASTS: Eurozone Inflation A Key Focus

UK Timeline of Key Events (All Times in GMT)

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Price Signal Summary - USDBRL Trend Needle Points South

LATAM FX
  • The USDMXN downtrend remains intact and the current consolidation still appears to be a bear flag formation. If correct, this pattern reinforces bearish conditions and note that moving average studies remain in a bear mode position. Scope is seen for a move towards 16.9791 and 16.7758, the 1.618 and 1.764 projections of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch is the 50-day EMA, which intersects at 17.5155. This is a key short-term hurdle for bulls, where a break would signal a reversal. The 20-day EMA intersects at $17.2340 and represents the first resistance.
  • USDBRL remains in a downtrend and recent gains appear to have been a correction. The move lower on Jun 9 resulted in a break of 4.8859, the May 15 low and this confirmed a range breakout and a resumption of the downtrend. A continuation lower would open 4.7490, the Jun 6 2022 low and 4.6910, the May 30 2022 low. On the upside, initial firm resistance is at 4.9196, the 50-day EMA. A clear break would signal a potential reversal.
  • USDCLP continues to trade inside a range. The pair pierced (in mid-May) support at 783.10, the Mar 31 low. A clear break of this level would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this support would confirm a resumption of the broader downtrend. For now, the price remains above the May 15 low. A stronger bounce would refocus attention on key short-term resistance at 837.15, the Mar 17 high.
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News

To read the full story

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.