USD / MXN does not stop advance and exceeds 20.20

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  • USD / MXN rises for the third day in a row.
  • Emerging currencies are not favored by bouncing in stocks.

The USD / MXN continues with the bullish journey that began at the beginning of the week and has just climbed to 20.24, this being the highest level since June 23. The price remains in the zone of the highs with the bullish tone intact.

The recovery in equity markets, with significant gains on Wall Street on Tuesday, did not support emerging currencies. This group of currencies is falling again on Wednesday, without reflecting the improvement in the mood of the markets.

The USD / MXN is trading at 20.21, where the 200-day moving average is. A confirmation above would lead to a test of the 20.30 area where the next relevant resistance is. A return below 20.05 will remove the bullish pressures.

Data ahead

The US impact data is not expected to be released on Wednesday. Thursday will be the turn of the weekly unemployment benefit report.

In Mexico, the key figure for the week will be inflation for mid-July to be published on Thursday. Also of interest is Friday’s May retail sales report.

Although the inflation figures will be key to Banxico’s short-term monetary policy expectations, the movement of the USD / MXN is expected to continue to be determined by global risk, that is, because of what happens with the stock markets.

Technical levels

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