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MEXICO: USDMXN Edging Lower, Extends Weekly Decline to 1%

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The USD Index is softer again on Friday having briefly extended the week’s decline to 1.10% and the lowest level since December 18. Ongoing strength for equities is weighing on the greenback as markets build Russia/Ukraine optimism and yesterday's tariff announcement appears to allow plenty of time for negotiation.
  • Furthermore, bullish dollar positioning in the aftermath of the US election and significant technical developments all pose further risks for a deeper short-term correction, with MXN being a stand-out candidate to potentially benefit.
  • As such, USDMXN has extended the pullback to around 1.4% from yesterday’s highs and sits ~1% lower on the week.
  • From a short-term perspective, the 20.30 lows are an immediate level of note, however, key support remains defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.
  • The data calendar remains empty on Friday, so focus will be on President Claudia Sheinbaum’s daily press briefing. The president will also travel to present her pension program for women in Emiliano Zapata, Veracruz.
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  • The USD Index is softer again on Friday having briefly extended the week’s decline to 1.10% and the lowest level since December 18. Ongoing strength for equities is weighing on the greenback as markets build Russia/Ukraine optimism and yesterday's tariff announcement appears to allow plenty of time for negotiation.
  • Furthermore, bullish dollar positioning in the aftermath of the US election and significant technical developments all pose further risks for a deeper short-term correction, with MXN being a stand-out candidate to potentially benefit.
  • As such, USDMXN has extended the pullback to around 1.4% from yesterday’s highs and sits ~1% lower on the week.
  • From a short-term perspective, the 20.30 lows are an immediate level of note, however, key support remains defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.
  • The data calendar remains empty on Friday, so focus will be on President Claudia Sheinbaum’s daily press briefing. The president will also travel to present her pension program for women in Emiliano Zapata, Veracruz.