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USDMXN Extends Below Support, Public Holiday

MEXICO
  • The Mexican Peso is extending on its impressive performance from Wednesday, taking its cues from the broad greenback weakness and the ongoing outperformance for major equity indices. Furthermore, the higher-than-expected GDP data earlier in the week is likely providing an additional peso tailwind. The renewed optimism has prompted USDMXN to trade below key support at 17.7548, the Oct 12 low. Price action highlights the potential for a stronger corrective pullback and also confirms a double top on the daily chart. The break lower opens 17.3498 next, the Sep 29 low. Initial resistance is at 18.0800, Wednesday’s high.
  • Local markets are closed for a public holiday and just gross fixed investment and private consumption data is left on the calendar this week. October CPI data will be released next week, and markets will be focused on whether annual core inflation confirms the market’s expectation for a decline from 5.76% to 5.5%, ahead of the Banxico meeting on the same day (Nov 09).
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