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USDMXN Remains Volatile Overnight

MEXICO
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  • Despite foreign exchange markets reacting in a more limited fashion when compared to other asset classes, the Mexican peso has had the most negative reaction to the heightened uncertainty across global markets.
  • The close proximity to the US and a positioning squeeze have exacerbated the price action over the past sessions. Furthermore, 1-month implied volatility has risen to a two-year high at 17.05, from 13.79% on Friday. USDMXN ran up to 19.1542 overnight, just shy of yesterday’s 19.1788 highs. Resistance remains at 19.2906, the Feb 6 high.
  • Markets stabilising this morning has prompted the pair to fall back below the 19.00 handle and trade slightly in the red approaching the key US data.
  • Mexico central bank releases fourth quarter report on regional economies led by Alejandrina Salcedo Cisneros, General Director of Economic Investigation, at 11:30am local time.
  • The domestic data calendar is empty this week before next week’s release of bi-weekly inflation and January activity data. The next Banxico decision is on March 30.
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  • Despite foreign exchange markets reacting in a more limited fashion when compared to other asset classes, the Mexican peso has had the most negative reaction to the heightened uncertainty across global markets.
  • The close proximity to the US and a positioning squeeze have exacerbated the price action over the past sessions. Furthermore, 1-month implied volatility has risen to a two-year high at 17.05, from 13.79% on Friday. USDMXN ran up to 19.1542 overnight, just shy of yesterday’s 19.1788 highs. Resistance remains at 19.2906, the Feb 6 high.
  • Markets stabilising this morning has prompted the pair to fall back below the 19.00 handle and trade slightly in the red approaching the key US data.
  • Mexico central bank releases fourth quarter report on regional economies led by Alejandrina Salcedo Cisneros, General Director of Economic Investigation, at 11:30am local time.
  • The domestic data calendar is empty this week before next week’s release of bi-weekly inflation and January activity data. The next Banxico decision is on March 30.