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Supportive MXN Tone Despite CFTC Indicating Shorts Increasing

MEXICO
  • Despite Friday's marginal breach of the April lows through 19.7850 in USDMXN, the pair closing the week closer to 19.90 may halt any rapid momentum of a potential next leg lower. However, the rally up to 20.32 had been considered technically corrective. Renewed pressure on the dollar in the aftermath of the US CPI surprise, combined with recovering equity indices have provided a supportive tone for the Peso in recent sessions.
  • MXN short positions increased for a second straight week, CFTC data show. Investors were short MXN to the tune of 8,480 contracts in the week ending May 11 vs 4,446 contracts on May 4, in a week where the currency advanced over 1%.
    • According to the data, leveraged funds boosted their bullish peso positions while institutional investors trimmed them for a second straight week.
  • The U.S. will virtually host the USMCA Free Trade Commission Monday and Tuesday with senior officials from the U.S., Mexico and Canada. Mexico's Economy Minister Tatiana Clouthier to participate.
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