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USDMXN Rises As Banxico Do Not Commit To Further Hike

MEXICO
  • Despite Banxico’s statement indicating that for its next decision, it will take into account the inflation outlook and policy stance already attained, the lack of commitment to another hike in May has marginally weighed on the peso following the decision.
  • USDMXN is only up 0.10% on the day and is consolidating after a significant decline over the last week, however, the pair did rise from 18.05 lows to 18.12 as the statement was digested.
  • Overall, the clearance of support at 18.2397, the Mar 13 low, signals scope for an extension lower towards 17.8981, the Mar 9 low and a key short-term support. Below here we have 17.4503, the July 2017 low and initial firm resistance remains at 18.7976, the Mar 24 high.
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