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USDMXN Bear Leg Extends Ahead Of March CPI Tomorrow

LATAM FX
  • LatAm currencies continue to outperform through Monday’s session, with USDMXN moving to new multi-year lows and USDCLP extending lower too. USDCOP is the outlier as the pair move off new YTD lows at the open to trade 0.3% higher on the day. For MXN, attention turns to tomorrow’s March CPI data, which are expected to show an uptick in headline and sticky core inflation.
    • USDMXN has dipped to 16.3133 in recent trade, bringing the pair closer to key support at 16.3079, the 1.382 projection of the Dec 5 - Jan 8 - Jan 17 price swing.
    • USDCLP is currently trading 0.8% lower on the day, dipping briefly to a low of 939.75. Support to watch remains at 935.63, the Mar 15 low, a clear break of which would highlight a stronger reversal and signal scope for an extension towards 922.80 initially.
    • Despite the small move higher in USDCOP, the pair remains close to its lowest levels since April 2022, supported by rising oil prices and elevated real yields. The recent strength in COP stands in contrast to comments from Finance Minister Bonilla, who had expected the peso to weaken in the short-term.
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