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(Z2) Bull Cycle


What to watch


MTBPS Well-Received, Eskom Extend Load-Shedding Plans


Watching Resistance At The 50-Day EMA


(Z2) Tops Resistance

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MEXICAN PESO: Selling pressure hit USD/MXN in two rounds as participants watched
a flurry of headlines re: USMCA negotiations. MXN has seemingly picked up a bid
on the back of press reports noting that Canadian PM Trudeau discussed the
matter with U.S. President Trump on Monday & BBG headlines noting that the U.S.,
Mexico and Canada "plan signing of changes to garner Pelosi approval."
- USD/MXN last deals at MXN19.2056, ~260 pips worse off. The rate has slipped
under yesterday's low, but struggles to clear the MXN19.2000 level. A move
through there would open up the Nov 15 low of MXN19.1766 and the 76.4%
retracement of the Oct 28 - Nov 28 rally at MXN19.1694. Conversely, a recovery
of the 200-DMA at MXN19.2831 would give bulls some reprieve.
- In terms of the local data, Mexican industrial output comes out on Thursday.

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