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Program Specifics, Current Bear Cycle In USDMXN Remains In Play

MEXICO
  • The specifics of the program here:
    • As such, from September, maturities of exchange hedges will be rolled for 50% of the current amount. Specifics depend on maturities:
    • For operations with an original term of six months, on the renewal date a reduction of the term to one month will be announced and the renewal rule will apply only 50% of the current amount.
    • Operations with an original term of nine and twelve months will be left expire in full on the respective due dates.
  • As USDMXN slowly pares the initial gains - a reminder of latest MXN techs:
  • The current bear cycle in USDMXN remains in play and the pair is trading at its recent lows. Key short-term resistance has been defined at 17.4280, the Aug 4 high. A clear break of this hurdle is required to highlight a potential short-term reversal and open 17.7714, the May 31 high. The bear trigger is unchanged, it lies at 16.6262, the Jul 28 low. Clearance of this level would confirm a resumption of the medium-term downtrend.
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