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MEXICO: USDMXN Displays Tight December Range

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • USDMXN is close to unchanged on the session with the brief uptick above 20.30 being countered by the broader dollar offer in recent trade. We have no tier-one data releases of the rest of the year which should leave month/year end flows and broader sentiment as the primary drivers for the peso.
  • December has provided a much more subdued trading range for USDMXN, broadly respecting the 20.00/50 parameters following the volatile aftermath of the US election. The trend structure remains bullish; however, attention is on the Nov 6 pullback and the subsequent reversal lower. This continues to highlight a possible short-term top and therefore a bearish threat. A clear breach of the 50-day EMA, at 20.1141, would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for inflation and tariff related commentary will continue to be closely monitored, alongside any significant Fed repricing. 
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  • USDMXN is close to unchanged on the session with the brief uptick above 20.30 being countered by the broader dollar offer in recent trade. We have no tier-one data releases of the rest of the year which should leave month/year end flows and broader sentiment as the primary drivers for the peso.
  • December has provided a much more subdued trading range for USDMXN, broadly respecting the 20.00/50 parameters following the volatile aftermath of the US election. The trend structure remains bullish; however, attention is on the Nov 6 pullback and the subsequent reversal lower. This continues to highlight a possible short-term top and therefore a bearish threat. A clear breach of the 50-day EMA, at 20.1141, would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low.
  • Banxico minutes are scheduled on Jan 09, which will offer a more detailed account of the unanimous decision to cut rates by just 25bp earlier this month. With the committee formalising its guidance that larger rate cuts would be considered, developments for inflation and tariff related commentary will continue to be closely monitored, alongside any significant Fed repricing.