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Free AccessUSDMXN Performs Relatively Well, Banxico Statement Eyed
- The post-fed greenback weakness has not had a significant impact on USDMXN, which sits just 0.45% lower since yesterday’s release. Markets will have a degree of attention on the Banxico decision/statement later today at 1900GMT/1400ET.
- Moving average studies remain in a bear-mode position, highlighting a downtrend. The recent breach of support at 17.2833, the Nov 3 low, confirmed a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. Clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low. Initial resistance is at 17.5811, 38.2% of the Oct 20 - Nov 27 downleg.
- Close to all analysts are expecting Banxico to keep the overnight rate unchanged at 11.25%, in line with the current guidance from the committee. However, given the improving core inflation data and the most recent communication from multiple board members, markets will analyse this month’s statement for further clues on when easing could be initiated in 2024.
- * The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/58462/MNI%20Banxico%20Preview%20-%20December%202023.pdf
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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.