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USDMXN Below 17.00, CLP Resumes Underperformance

LATAM FX
  • The Mexican and Chilean pesos are showing an interesting divergence in today’s session, with USDMXN finally breaking through the 17.00 level for the first time since mid-January, while USDCLP resumes its upward trend, trading back above 975, up 0.96%. February CPI inflation data later this week remain key in shaping the interest rate outlook in both markets in the coming weeks.
  • While overall USDMXN has been in consolidation mode, the break of the 17.00 mark is a bearish development, which may open key support and the bear trigger at 16.7852, the Jan 8 low.
  • Despite the downward move in USDCLP last week on the back of stronger than expected economic activity data, USDCLP trend conditions remain bullish. The recent fresh cycle highs reinforce current conditions and confirm a resumption of the medium-term uptrend, with sights on 996.97, the Sep 2022 high and the psychological 1000.00 handle. The 20-day EMA, although pierced, remains as initial support.
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