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Short MXN Positioning Indicated To Have Been Reduced

MEXICO
  • USDMXN advanced above 20.00 mark late Friday and closed outside the 19.80-20.00 range for the first time in nine trading days. After a brief extension to 20.0967 highs, the pair has faded back towards the 20 level. Countering forces of dollar strength versus positive risk signals from the recovering US labour market provide little momentum for the Peso in either direction.
  • Indications are that investors reduced their short Mexican peso positions for a second consecutive week, according to CFTC data.
    • Non-commercial investors were short MXN to the tune of 21,297 contracts as of Aug. 3 vs 26,407 short contracts a week prior.
    • Leveraged funds and institutional investors both increased their bullish peso wagers.
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