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MEXICO: USDMXN Extends Higher Amid Broader Dollar Bid

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The broad dollar bid has assisted USDMXN to a fresh year-to-date high of 20.8839 at typing. The pair had a clean break of 20.40 during yesterday’s session and saw solid follow through amid the breakdown for major equity indices.
  • While price action may have been exacerbated by the lower holiday liquidity, the imminent Trump presidency and Banxico in easing mode are likely weighing on the peso.
  • Today’s breach of the post-election highs confirms a resumption of the uptrend and will target 21.00 next, before 21.4676, the 2022 high.
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  • The broad dollar bid has assisted USDMXN to a fresh year-to-date high of 20.8839 at typing. The pair had a clean break of 20.40 during yesterday’s session and saw solid follow through amid the breakdown for major equity indices.
  • While price action may have been exacerbated by the lower holiday liquidity, the imminent Trump presidency and Banxico in easing mode are likely weighing on the peso.
  • Today’s breach of the post-election highs confirms a resumption of the uptrend and will target 21.00 next, before 21.4676, the 2022 high.