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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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  • Global equities have rebounded after Friday’s turbulent sell-off, lending support to the Mexican peso overnight. The initial uptick in risk helped USDMXN down to lows of 21.6853, but importantly the March highs at 21.6357 have held as support, keeping technical conditions bullish. The pair sits only marginally in the red as of writing and immediate focus is on closing the gap to Friday’s close at 21.9250 before Friday’s highs at 22.1550 come back into play.
  • Just released: MEXICO OCT. UNEMPLOYMENT RATE 3.95%; EST 4.07% (BBG)
  • The highlight this week will be the central bank’s release of the inflation report. The Quarterly report will contain updated forecasts for growth and headline/core inflation over the relevant horizon for monetary policy.
    • Comments surrounding the new central bank governor nomination will be monitored closely ahead of the final Banxico decision of the year on December 16.
  • Inflation should be taken into account when deciding how much to increase the minimum wage for 2022, said President AMLO on Friday. The decision about how much to hike the minimum wage is still being discussed, but it’s good news that one business group, Coparmex, is reportedly proposing a 20% increase, said Lopez Obrador. (BBG)