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USDMXN Surging Higher Above 19.00 Handle

LATAM FX
  • With the US treasury 2-year yield falling below 4% and the lowest level since early October 2022, pressure on LatAm FX is extending with USDBRL now up over 1% at a one month high and MXN losses being exacerbated.
  • The immediate focus for USDBRL is on 5.3073, the February highs. Above here, would place attention on 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg.
  • USDMXN also pressing fresh session highs above 18.8750 and exploding through the 19.00 handle and the 100-day exponential moving average at 19.0250. The next level of note is the February highs at 19.2906.

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