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Short-Lived Greenback Weakness Sees USDMXN Print Fresh Session Highs

MXN
  • Greenback weakness in the aftermath of the much weaker-than-expected US data has proved short-lived. It is worth noting that the Empire number was largely driven by new orders and shipments and can be a noisy series. Since the release, markets have reverted to the prior risk-off tone, which continues to weigh on the broader EM FX basket.
  • As such, USDMXN is making fresh session highs in recent trade, printing as highs as 17.1494. Today’s gains in appear - for now - to be a correction. The trend outlook is unchanged, and overall signals remain bearish. Last week’s fresh trend low, reinforces this theme. However, the pair is narrowing in on initial firm resistance at 17.1755, the 50-day EMA. CIBC earlier noted that they expect USDMXN spikes above the 17.00 mark to be sold.
  • November retail sales remains the only notable release on the domestic docket this Friday.
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