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USDMXN Rising In Line With Greenback Strength

MEXICO
  • USDMXN has risen 0.4% on Wednesday, largely in line with the broader greenback strength seen throughout the session. Price action across currency markets has assisted the USD Index to new multi-month highs on the final trading day of May.
  • Worth monitoring that the DXY is now testing resistance at the 76.4% retracement for the March - April downleg, crossing at 104.68. Progress through here would open the best levels since early March for the index.
  • Overall, the latest bearish pullback in USDMXN is potentially significant because it means that resistance at the 50-day EMA, which intersects at 17.9660, remains intact - for now. This is a key short-term hurdle for bulls where a break would signal a stronger reversal. The primary trend direction is down and a continuation lower would expose the bear trigger at 17.4207, May 15 low. A break of this level would open 17.0507, the Apr 29 2016 low.
  • Reminder that Banxico will publish its quarterly inflation report at 1930BST/1430ET and both the latest central bank minutes and economist survey are scheduled to be released on Thursday.
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