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USDMXN Pops To Fresh Session Highs

MEXICO
  • A slightly firmer greenback and equities at the lows of the session have prompted a pop higher for USDMXN, rising 0.75% at typing to 18.15. The trend outlook remains bullish, and the recent short-term pullback is considered corrective. Price remains above both the 20- and 50-day EMAs and these averages are in bull mode condition.
  • Banxico’s Mejia earlier reiterated that services inflation has been more persistent than expected and that once there are conditions to reduce the reference rate, the pace of interest rate decreases would have to be evaluated in such a way so that the restrictive monetary stance is consistent with the convergence of inflation.
  • Notable topside targets for USDMXN remain further out at $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high. Initial support lies at 17.7548, the Oct 12 low.
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