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China Repo Rates Rise on Thursday

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  • Overnight the year's highs at 21.6357 were broken in USDMXN and substantial follow through has been seen amid strong risk-off across global markets.
  • The US presidential election highs were also broken for the pair above 22.00, however the pair has somewhat settled back below this mark for now.
  • Above here the focus turns to the September 2020 highs around 20.70.
  • Additionally, with the unwind of EURUSD shorts and strong price action in EUR crosses, EURMXN has firmly broken the downtrend, noted earlier in the week.
  • The broad based Peso weakness is being continually underpinned tin the short-term by president AMLO's U-turn on his Banxico governor nomination – a development being eyed closely.
  • 1200GMT/0700ET: Oct. Revised Trade Balance, est. -$1.96b, prior -$2.4b