Free Trial

USDMXN Extends Gains Amidst Weakness In Commodities

MEXICO
  • USDMXN has extended gains, with the pair rising back above 18.00 today and briefly testing the 18.10 level in recent trade. USDMXN is currently up ~0.6% on the day at around 18.06. Weakness in commodities and the fall in Chinese equities amid a lack of major policy support following the Third Plenum are contributing to pressure on EM currencies today.
  • Additionally, as noted previously, multiple analysts have highlighted sub 18.00 levels as attractive for dip buyers, given the domestic political uncertainty that lingers around the upcoming Sheinbaum administration.
  • The 20-day EMA has recently been pierced (intersecting today at 17.9525), however, most notable resistance is not found until 18.5988, the Jun 28 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.