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USD/MXN Pulls Back from 20.00 Handle as US Treasury Yields Tick Higher

MEXICO
  • USD/MXN trading higher at the open in line with most of its EM peers, tracking $-side price action to retrace most of yesterday's move lower to 20.0683.
  • Oil markets still sitting marginally in the red weighing on petrocurrencies across the board as demand concerns dent sentiment.
  • Muted reaction in USD/MXN yesterday on signs of unanimity in holding rates across the Banxico MPC and possible cuts still in the pipeline for 2021, despite recent CPI overshooting in March to 4.67%.
  • Focus today on Feb industrial production data, expected to print marginally weaker than the prior month.
  • USD/MXN price action managing to hold below 100dma at 20.2257, but will need to negotiate the 76.4% fib at 20.0418 before reaching the 20.00 handle.
  • A close below 20.00 would likely signal scope for the next leg lower to 19.8947, however, markets remain wary of a pickup in dollar demand going into the weekend.
  • Intraday Sup1: 20.1272, Sup2: 20.0418. Res1: 20.1984, Res2: 20.2768
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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