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USDMXN Above the 50-Day EMA, Yellen in Mexico City

MEXICO
  • USDMXN continues to trade with a moderate upward bias following yesterday’s sharp rally. Higher US yields, weaker equity benchmarks and the associated greenback strength all supported the impressive near 2% advance on Monday. In the process, the pair broke above initial firm resistance of the 50-day EMA and may now target a move towards 17.9394, the Nov 10 high. A break above here would be a short-term bullish development and highlight a technical reversal.
  • US Treasury Secretary Janet Yellen lands in Mexico City on Tuesday afternoon, ahead of meetings Wednesday and Thursday with President Andres Manuel Lopez Obrador, central bank Governor Victoria Rodriguez and Finance Minister Rogelio Ramirez de la O, among others.

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