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USDMXN Gravitating Towards 17.00, May Trade Balance Data

MEXICO
  • Moderate greenback weakness and firmer than expected economic activity data on Monday are continuing to support the relentless strength of the Mexican peso. The USDMXN downtrend remains firmly intact and the most recent consolidation appears to be a bear flag formation, reinforcing bearish technical conditions. Scope is seen for a move towards 16.9791 and 16.7758, the 1.618 and 1.764 projections of the Jun 2 - Mar 9 - Mar 20 price swing.
  • May Trade Balance data is due at 1300BST/0800ET. Today’s data is likely to signal activity and domestic demand are still increasing amid buoyant manufacturing activity and increasing investment.
  • The trade balance likely saw a deficit of $1.1 billion in May, compared with a $1.51 billion gap in April and a $2.26 billion shortfall one year ago. Imports will have likely increased from the prior read of $47.7 billion, which would be in line with increasing domestic demand and the firmer peso. Imports of machinery and equipment point to higher exports ahead.
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