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Free AccessUSD/MXN extends the recent decline.....>
MEXICAN PESO: USD/MXN extends the recent decline having broken and closed below
the 19.1764 50-dma yesterday for the first time since mid-December last year
(today, however, the 200- and 50-dmas are in death cross formation). More
notably, however, is that USD/MXN has now broken longer-term uptrendline support
which kicked in today at 19.0526.
-The move appears largely driven by USD weakness rather than EM/LatAm strength
(although CLP is trading well), with EUR/MXN flat on the day after two sessions
of sharp losses.
-Today may see more interesting price action in MXN after a thin trading session
Monday (local markets were closed for a market holiday) which prompted USD/MXN
implied vols to slide further (1m USD/MXN implied hit 8.458 vol points Monday,
the lowest since late 2014). Largest options rolling off in USD/MXN this week
include $895mln rolling off between 19.30-33 on Mar21.
-Of note, yesterday Goldman Sachs said the ZAR has replaced MXN as the best
risk-off hedge after long USD/MXN was "consistently among the best hedges
against global risk sentiment during the past 15 years".
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.