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USDMXN Respects Initial Resistance At 50-Day EMA

MEXICO
  • The finance ministry reported a 699.7b Peso Jan.-Oct. budget deficit which compared with a 430.3b deficit the same period a year ago. They noted that revenue rose nominal 7.2% YTD y/y and expenses rose nominal 11.3% YTD y/y.
  • USDMXN has settled around a percent off the week’s highs, respecting initial resistance at the 50-day EMA well on Thursday. The moderate weakening over the last 24 hours appears to bolster the theory that the bounce was a correction. On the upside, a move above 17.9394, the Nov 10 high, would be a short-term bullish development and required to highlight a technical reversal.

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  • The finance ministry reported a 699.7b Peso Jan.-Oct. budget deficit which compared with a 430.3b deficit the same period a year ago. They noted that revenue rose nominal 7.2% YTD y/y and expenses rose nominal 11.3% YTD y/y.
  • USDMXN has settled around a percent off the week’s highs, respecting initial resistance at the 50-day EMA well on Thursday. The moderate weakening over the last 24 hours appears to bolster the theory that the bounce was a correction. On the upside, a move above 17.9394, the Nov 10 high, would be a short-term bullish development and required to highlight a technical reversal.