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USDMXN Consolidating Post-Fed Gains

MEXICO
  • USDMXN extended gains on Friday printing a new peak at 20.7488, the highest level reached since the 29th March. A slightly softer dollar on Monday has provided some consolidation around 20.60, still holding on to 2.5% gains since the FOMC statement. A clear breach of 20.6172, 50.0% retracement of the Mar 8 - Jun 9 downleg had envisioned a technical extension to 20.8576, the 61.8% level. The 200-day MA at 20.3985 will act as the nearest support.
  • A fairly busy week ahead with bi-weekly CPI, Unemployment and Banxico rate decision on Wednesday. Additionally, retail sales and economic activity data for April will be published.
  • Mexico's central bank is likely to hold its benchmark interest rate at 4.0% at its meeting on Thursday with unanimity among surveyed analysts. They are likely to reiterate future decisions will depend on new information.
  • Mexico's central bank holds auction on behalf of Finance Ministry to extend maturities on Mbonos and Udibonos. Auction to start at 10:30am Mexico City time.
  • 12pm: Business group Coparmex holds event in city of Queretaro where members will talk about preserving the Mexican Constitution.
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