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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Bullish Extension

FOREX

Risk Recovery Sees Greenback Pare Earlier Gains

AUDUSD TECHS

Key Support Pierced

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MEXICO

USDMXN breaking the most recent lows at 20.5516 following the strong 20-yr US auction and subsequent surge higher in US Tsys. A sustained break may target the trendline support at 20.3208, drawn off the Jan 21 low, which matches up closely with the 50-day MA at 20.3055.

  • No major domestic data releases should leave the Peso susceptible to broader moves in the dollar as we approach tomorrow's FOMC decision and statement.
Optimism not shared in local rates where the curve is marginally bear steeper:

Mexico TIIE Swaps:

  • 1-yr +2 bps at 4.34%
  • 2-yr +3 bps at 4.60%
  • 5-yr +3.5 bps at 5.455%
  • 10-yr +4 bps at 6.29%
  • 32-yr +5 bps at 7.09%
  • Latest headline - The United States should respond by Friday to Mexico's request to share doses of AstraZeneca's COVID-19 vaccine it has in stock, Foreign Minister Marcelo Ebrard said on Tuesday.

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