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USDMXN Settles In Middle Of Weekly Range

  • USDMXN was pulled in both directions yesterday as souring sentiment across equity markets battled against significant greenback weakness. This has resulted in the pair settling around the middle of the week’s range around 20.35, consolidating on the earlier advance amid global growth concerns.
    • The climb this week has resulted in a print above 20.6378, the Apr 28 high. It marks an important resistance and a clear break would suggest potential for an extension higher. This would open 20.6830 (tested) and 20.9829, the 61.8% and 76.4% retracements of the Mar - May bear leg.
  • There are no major data releases for Mexico on Friday. Banxico will meet next Thursday where a 75bp hike is expected.

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