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USDMXN Extending Short-Term Recovery

MEXICO
  • Initial resistance for USDMXN at 17.7866, the 20-day EMA has been breached and the pair has extended its short-term recovery from last week’s multi year lows around 17.42. Short-term gains are considered technically corrective and firm resistance remains unchanged at 18.4011, the Apr 5 high. A breach would signal a potential reversal.
  • Citibanamex will release its latest biweekly survey of economists’ expectations after Mexico’s central bank left the interest rate unchanged at 11.25% and promised to keep it stable for an extended period after inflation slowed.
  • Mexico raised its alert level on the Popocatepetl volcano following growing rumblings and explosions of ash that shuttered airports in nearby Mexico City and Puebla.
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