USD/MXN is attacking Friday's high.....>

MEXICAN PESO: USD/MXN is attacking Friday's high (24.8719) amid wider risk

aversion, stemming from a mix of factors described in the earlier MARKET TALK

bullet, with WTI starting the week on the back foot. Locally, El Financiero

reported that Mexican consumer watchdog chief, who recently attended a presser

with President Obrador and Labour Min Lujan, has tested positive for the novel

coronavirus. 

- The rate sits ~2,900 pips better off at MXN24.8627 as we type. A break above

Apr 24 high of MXN25.2892 is needed to reinstate bullish impetus and open up Apr

6 high of MXN25.7849, a recent cycle peak. Conversely, bears look at Apr 30 low

of MXN23.6441 as their initial target. A break here would bring Apr 13 low of

MXN23.2460 into view.

- Mexico's Markit M'fing PMI and IMEF M'fing Index come out later today. Later

in the week, focus turns to CPI (Thursday) and gross fixed investment (Friday).