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USDMXN Breaks Above 17.42 Resistance Overnight, Extends Higher

MEXICO
  • Another negative overnight session for the Mexican peso with a notable break above 17.42 resistance in USDMXN exacerbating the latest leg higher. The pair rose as much as 1.5% overnight to reach a high print of 17.6740 before moderating somewhat ahead of US hours to levels just above 17.50. Latest headlines on further trade dispute escalations may provide additional MXN headwinds.
  • The break above 17.42 highlights a potential short-term reversal for USDMXN and price has narrowed the gap with the next target on the topside which is 17.7714, the May 31 high. Above here, 17.9981 will be in focus, the May 23 high.
  • Following a national survey process, the ruling party Morena is expected to announce its Presidential candidate today. Former Mexico City mayor Claudia Sheinbaum, who has held a substantial lead over former Foreign Minister Marcelo Ebrard in the polls, continues to be seen as the front runner. The decision is expected at 1900ET/1700 Local time.
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