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USDMXN Extends Bounce To 4% From Last Week’s Lows

MEXICO
  • As noted earlier, today’s extension of EMFX recent weakness has assisted the surge higher for USDMXN and markets are witnessing a deterioration of the short-term technical outlook for the peso. USDMXN broke above downtrendline resistance drawn off the March high as well as the 50-day exponential moving average at 17.1460 - a level that's successfully contained prices on several occasions in the past few months. Today’s move has substantially narrowed the gap with the July highs at 17.3959.
  • On Wednesday, Banxico Deputy Governor Heath highlighted that the central bank does see some difficulty with core inflation, reiterating that Banxico need to hold the policy rate until they ensure additional pressures do not materialize and inflation follows trajectory the bank have estimated. Heath added that in the best case scenario, there could be a ‘slight adjustment’ at the end of this year.
  • No data releases today with gross fixed investment data for May scheduled on Friday.
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