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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Tech Focus: LatAm FX Price Signal Summary: USD Remains Soft
- USDMXN is consolidating but maintains a bearish tone.
- This follows recent weakness that resulted in a break on Mar 31 of trendline support drawn off the Jan 21 low. Bears have since not looked back.
- Furthermore, price has also traded through the Mar 18 low of 20.2829 - a former key support. The break strengthens a bearish argument and this week, support at 19.8924, Feb 15 low has been breached. The focus is on 19.5494, Jan 21 low.
- On the upside, resistance is at 20.2427, Apr 13 high.
- USDBRL remains vulnerable. The pair has this week breached support at 5.5396, Apr 8 low. An extension of the current bear cycle would confirm two key developments:
- The clear break of trendline support drawn off the Dec 14 low.
- A bearish triangle breakout. Price action since Mar 9 has been trading within a triangle. This pattern was considered a bullish signal however the continued move lower suggests the breakout will likely favour bears. Attention is on 5.4499, Mar 19 low.
- Key near-term resistance is unchanged at 5.6771, Apr 16 high.
- USDCLP has gapped higher today however despite this, the outlook remains bearish and the pair remains in a downtrend. The pair has this week traded below 699.19, Feb 24 low. This signals scope for weakness towards the primary support at 693.00, Jan 6 low. A break of this level would confirm a resumption of the broader downtrend that started March 2020 and would open 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing. Initial resistance is at 714.50, Apr 13 high.
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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.