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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MEXICO
- As noted, selling pressure this week resulted in a break of 20.2514, 61.8% of the Sep - Oct rally. Furthermore, price has also traded below the 50-day EMA and attention is on 20.0975, the 76.4% retracement. This also coincides with the last remaining moving average of note, 100-day which resides at 20.1057.
- Additionally, BRLMXN continues its descent towards the year's lows at 3.5040, retreating another 1.5% in today's session.
- Despite the bi-weekly headline CPI figures printing broadly in line, the slightly above estimate reading and the higher core print will likely keep the pressure on the Banxico board to deliver another rate hike in November.
- As a reminder, they recently continued to hike rates with a marginal hawkish shift from a 3-2 vote in favour in August, to a 4-1 vote in September.
- The TIIE swaps curve has risen between 4-10 bps in a bear flattening move.
- Economic activity, trade balance and Q3 GDP data headline the domestic docket next week.
- *Mexico TIIE Swaps:
- 1-yr +10 bps at 6.47%
- 2-yr +8 bps at 7.03%
- 5-yr +6 bps at 7.50%
- 10-yr +4 bps at 7.75
MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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