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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.
MEXICO
- Broad Dollar strength has been weighing on EM FX, with selling pressure rising in Latam currencies despite central banks extending their tightening cycle to continue their ‘fight’ against inflation.
- Following USDBRL breakout above its key 200DMA resistance this week, USDMXN has been testing a key resistance zone at 20.4280 – 20.4610 (200DMA and 38.2% Fibo retracement of the 19.4140 – 22.1560 range).
- A break above that level would open the door for a move up to 20.7010.
- Last month, we saw that Banxico accelerated the pace of its tightening cycle by hiking its policy rate by 75bps to 7.75%, its highest level since October 2019.
- The decision was unanimous and resulted from the Fed’s repricing in the FFR rate following the positive surprise in inflation.
Source: Bloomberg
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.
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