• Another quiet session for USD/MXN, remains in a consolidation range. 
  • US dollar drops versus majors, mixed versus commodity and emerging market currencies. 

The USD/MXN is rising modestly on Wednesday, hovering around 18.80. For the sixth time in a row, the pair is about to post a daily close between 18.80 and 18.82, as it continues to move sideways, still within a dominant bearish trend. 

The greenback posted mixed results across the board amid a modest slide in US yields. Wall Street hit record highs while crude oil fell marginally. China and the US signed the phase one trade agreement.

The improvement in risk appetite in Wall Street did not help Latin American currencies that were the worst performers. The Mexican peso outperformed within LA but still dropped versus the dollar. 

MXN medium term view

“We wax lyrical constantly about MXN being the most attractive carry currency in the world when adjusting for volatility and liquidity. And despite Banxico rate cuts, this remains the case”, explained Rabobank analysts. According to them, “liquidity trumps fundamentals,” so they consider USD/MXN will remain under 19, but they warn that if volatility spikes, it could move sharply higher. 

“With the current glass half full view of the market still ruling the roost, for now, we expect USD/MXN to trade around the 19 handle in the coming month”, Rabobank analysts concluded. 
 

USD/MXN

Overview
Today last price 18.8109
Today Daily Change 0.0120
Today Daily Change % 0.06
Today daily open 18.7989
 
Trends
Daily SMA20 18.8968
Daily SMA50 19.1396
Daily SMA100 19.3051
Daily SMA200 19.2504
 
Levels
Previous Daily High 18.8714
Previous Daily Low 18.777
Previous Weekly High 19.0167
Previous Weekly Low 18.7468
Previous Monthly High 19.6294
Previous Monthly Low 18.7977
Daily Fibonacci 38.2% 18.8354
Daily Fibonacci 61.8% 18.8131
Daily Pivot Point S1 18.7601
Daily Pivot Point S2 18.7213
Daily Pivot Point S3 18.6657
Daily Pivot Point R1 18.8546
Daily Pivot Point R2 18.9102
Daily Pivot Point R3 18.949

 

 

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