Free Trial

USDMXN Consolidating Above 17.00 As US Employment Report Approaches

MEXICO
  • USDMXN has been consolidating just above the 17.00 handle on Friday with technical conditions remaining bearish and unchanged for the pair. Initial firm resistance remains much further out at 17.5653, the Dec 5 high.
  • One desk on Thursday suggested that MXN outperformance over the past three years means markets should continue to see large structural bids below 17.00 and the potential for spot moves (excluding carry) is more limited in the MXN case. They suggested that options structures in Q1 and Q2 to take advantage of the carry may be better.

To read the full story

Close

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.