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USDMXN Breaches Short Term Resistance Above 20.20

MEXICO
  • Higher US yields and a firmer dollar placing pressure on the Mexican Peso with USDMXN breaching initial resistance through last week's highs at 20.20. More meaningful resistance comes into play at 20.4564, Aug 20 high.
  • Banxico the main event of the week this coming Thursday where the majority of analysts expect a quarter point hike to 4.75%. The full MNI preview wit analyst views will be published this afternoon.
  • Also on todays docket, unemployment rate NSA is due at the top of the hour, expected at 4.38%. Mexico's central bank will also publish international reserves for the week that ended Sept. 24. Reserves fell by $136m to $198.4b the previous week.
  • 1400BST/0900ET: Finance Ministry to hold call with investors on 4Q bond calendar
  • 1730BST/1230ET: Central bank to announce auction results of:
    • 5b pesos of 28-day Cetes, 12b pesos of 91-day Cetes
    • 13b pesos of 175-day Cetes, 10b pesos of 357-day Cetes
    • 2b pesos of Bondes D due Aug. 2026, 9b pesos of Mbonos due March 2027
    • 450m udis of inflation-linked bonds due Nov. 2031
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