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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
- USDMXN (-0.46%) continues to trade with a downward bias amid the overall weaker greenback sentiment in 2023. On Monday, Banxico Deputy Governor Jonathan Heath described the latest inflation data as “good news on the margin, but with a still extremely difficult outlook.” Ongoing hawkishness from the central bank continues to underpin the resilient Peso with positive dialogue at the North American leaders summit potentially providing an additional short-term MXN tailwind.
- As noted, the near-term technical outlook for USDMXN remains bearish following last week’s extension lower. Attention is on 19.0401, a key support and the Nov 29 low. This would also represent near three-year lows for the pair, the lowest level since the early onset of the pandemic in February 2020.
- A break of this level would confirm a resumption of the broader bear cycle and open 18.9734, the 1.236 projection of the Jul 14 - Sep 12 - Sep 28, price swing last year. Below here the major support resides at 18.5237, the 2020 low.
- On the upside, key resistance has been defined at 19.5882, the Dec 30 high. A break of this hurdle would be considered a bullish development.
- On the docket this week, we have November industrial & manufacturing production data, both scheduled for tomorrow’s session before the key US CPI release on Thursday.
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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