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USDMXN and USDZAR Spark Some Topside Momentum Through Overnight Highs

EM FX
  • EMFX: Worth noting some weakness seen in recent minutes for specific EM currencies such as MXN and ZAR. While the moves seem idiosyncratic with only a very minor uptick for the broad dollar index, there does seem to be some momentum going through above the earlier session highs.
  • For USDZAR, the pair traded just below the 18.50 mark, continue to slowly erase the US inflation inspired selloff last week. Domestically, Eskom matters continue to concern market participants after Electricity Minister Ramokgopa expressed disappointment over recent grid performance. Markets will otherwise be looking ahead to CPI data on Wednesday and the SARB rate decision on Thursday, where the central bank are unanimously expected to keep rates unchanged at 8.25%.
  • For USDMXN, the break above a cluster of highs at 17.13 seems to have sparked some short-term buying and sees spot trade above 17.20 and back to levels near to last Friday’s close. This should remain corrective in nature ahead of the FOMC minutes later today. Retail sales data (Wed), CPI on Thursday and the release of Banxico minutes remain the focus on the domestic docket. Despite AMLO’s disappointment at the result over the weekend, he has commented that the nation will not break relations with Argentina.
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