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USDMXN Rises 0.85%, CPI Data and Banxico Meeting In Focus

MEXICO
  • USDMXN has made a solid move to the upside over the past two hours, rising 0.85% on the session and now back above 17.20.
  • Overall, the downtrend remains intact following the break of the bear trigger at 17.4207, the May 15 low. Moving average studies remain in a bear mode position, reinforcing current conditions. Resistance to watch is the 50-day EMA, which intersects at 17.6797. This is a key short-term hurdle for bulls, where a break would signal a reversal. The 20-day EMA intersects at $17.3818.
  • With today’s retail sales release out of the way, attention turns to Thursday’s bi-weekly CPI data and Banxico decision. Perhaps the least exciting LatAm central bank decision of the week, the committee are very much expected to stay on hold, maintaining the key rate at 11.25%. The latest rhetoric from Banxico Deputy Governor Heath suggested the board intend to keep its key rate at a record high for its next three meetings at the very least. The full MNI preview will be published tomorrow.
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