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Market News Topics
February 02, 2023 12:44 GMT
USDMXN Resumes Downtrend, Hovers At 2020 Lows
MEXICO
- USDMXN is now trading below 18.5667, the Jan 18 low, and the near-term bear trigger. The break confirms a resumption of the downtrend and initially opens a move to 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
- Price is also currently sitting at the lows from February 2020, levels seen just before the substantial pandemic-induced rally that year.
- Speaking shortly after the fed’s rate decision on Wednesday, Deputy Governor Jonathan Heath stated that the central bank is “very worried” about food price inflation, which is the country’s main inflation risk.
- Heath added that Banxico thinks Mexico’s inflation has peaked and that both Banxico and the US Federal Reserve seem close to terminal rate, talking in an interview with W Radio.
- 10:30am Mexico City Time: Finance Ministry will hold a debt swap auction to extend maturities.
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