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USDMXN Briefly Rises Back Above 19.00 Amid Market Turbulence

MEXICO
  • Significant risk-off sentiment across global markets has placed the Mexican peso under renewed pressure on Wednesday with MXNJPY once again leading the way and down 3% for the session and narrowing the gap with Monday’s lows at 6.9087. Bulls continue to unwind positions after the Mexican peso led major currency gains during the first two months of the year.
  • USDMXN briefly rose back above the 19.00 mark, although prices have somewhat stabilised in most recent trade.
  • Overall, USDMXN’s sharp rally higher on Monday extended the recovery that started last week. The move lower today is considered technically corrective for now.
  • Price has breached both the 20- and 50-day EMAs and has traded above the next key short-term resistance is at 19.2906, the Feb 6 high. A break would pave the way for strength towards the 19.50 handle and 19.5882, the Dec 30 high. 18.5054, the Feb 24 high, is the first support to watch.
  • Bankers arrive for the 2023 National Banking Convention, the country’s main annual business event, in Merida, Yucatan. Event starts Thursday and includes interventions by the country’s principal CEOs for the banking industry.
  • The domestic data calendar is empty this week before next week’s release of bi-weekly inflation and January activity data. The next Banxico decision is on March 30.
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