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REACT: USD Immediately Lower Following US Data, USDMXN Eyes Support

LATAM FX
  • LATAM FX REACT: USD immediately lower following the data with the BBDXY initially off 0.35%. A sharp bounce back to unchanged potentially reflecting the Average hourly earnings components but more likely a result of short-term positioning.
  • Notably, the employment-population ratio was little changed at 58.5% (Prior was 58.4%), which may show stalling momentum in the jobs market recovery.
  • USDMXN extends below the 19.93 lows, printing 19.8548, with firm focus on the following levels:
    • 19.8004, Jul 30 low,
    • Clearance of which would expose 19.7059, Jun 25 low and
    • 19.5987, Jun 9 low and a key support.
  • USDBRL was the big mover from the open, briefly down close to 1% printing a low at 5.1326. 5.1163 the immediate support level to watch with 5.1845 above marking yesterday's close.
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