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USDMXN Extends Intra-Day Declines To 1.25%

MEXICO
  • The relentless greenback selloff is showing few signs of abating and with the notable firming of risk sentiment, higher beta currencies are continuing to prosper. The Mexican peso has extended gains to 1.25% on the session and is pushing towards the next touted target to the downside of 16.7758, the 1.764 projection of the Jun 2 - Mar 9 - Mar 20 price swing.
    • Worth noting below here, the focus will be on 16.6551, the Dec 7 2015 low.
  • Analysts have noted that the pair is through the lower Bollinger band and testing the overbought level on RSI. After tomorrow’s US PPI there aren’t any major data points until the FOMC meeting on July 26.

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