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USDMXN Pierces Key Support, Slew Of Data Scheduled

MEXICO
  • The Peso is maintaining its upward trend as USDMXN broke to fresh cycle lows on the Fed announcement on Wednesday. Despite printing at 17.8315, weakness in major equity indices halted the pairs downward momentum and the pair has since consolidated around the breakout point. Further weakness will target 17.5746, the Aug 25 2017 low. Initial firm resistance remains at 18.4011, the Apr 5 high.
  • Gross fixed investment is seen rising to 9.1% in February y/y, compared to a 7.9% read in the prior month. Unemployment likely fell to 2.68% in March, marginally below the February print. Data will be released at 1300BST/0800ET:
    • March Unemployment Rate NSA, est. 2.68%, prior 2.72%
    • Feb. Gross Fixed Investment SA M/m, est. 1.1%, prior -0.5%
    • Feb. Gross Fixed Investment NSA Y/y, est. 9.1%, prior 7.9%
    • Feb. Private Consumption Y/y, prior 7.1%
    • April Consumer Confidence, est. 45.0, prior 44.5

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