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USD/MXN has extended its winning.......>

MEXICAN PESO
MEXICAN PESO: USD/MXN has extended its winning streak after five straight days
in the green. The pair has rallied 1163 pips and currently trades at 19.3876. As
a reminder, Wednesday saw Banxico present its quarterly inflation report. The
Bank trimmed its 2020 growth outlook to +0.5-1.5% Y/Y from +0.8-1.8%, while
forecasting that inflation's deceleration to target may take longer than exp.
Dep Gov Esquivel noted that "there was an opening last year for 50bp cuts,"
adding that the Bank must decide if it continues with policy loosening. Gov de
Leon said that Banxico cannot project future decisions & will monitor data. In
addition, MXN is vulnerable to broader mkt moves driven by the Covid-19. 
- USD/MXN has strengthened past the 50% retracement of the Aug 29 - Feb 17
sell-off at MXN19.3909, which shifts focus to the 61.8% retracement level at
MXN19.5955 with Nov 26/27 clustered around there. Bears look for a drop below
the Feb 24 peak at MXN4.2621 and a break here would open the 200-DMA at 19.2145.
- Mexican unemployment & Banxico MonPol meeting minutes will be published later
today, with trade balance & budget balance due on Friday.
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