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JMby u/jessica.martinez·17hDiscussion

USDMXN Action - Peso resilience holding for now?

Watching $USDMXN action today after that softer-than-expected US retail sales print. Was expecting a bit more of a punch lower given the greenback weakness post-data, but we're still largely holding above the 17.30 mark for now after touching 17.29 earlier. It feels like the peso's recent strength, coupled with Banxico's hawkish tone, is giving it solid floor. Curious if anyone sees that 17.25-17.30 area as a re-accumulation zone for dollar buyers, or if this latest data just puts more pressure on the Fed to ease, eventually sending USD/MXN lower towards 17.00. $USDSEK also saw some minor depreciation on the dollar side, now around 9.50. Just a thought to keep an eye on if we get more US data surprises this week.

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1 Comments

HFu/hferrari·13h

It's always a treat when a currency decides to defy gravity, isn't it? The peso clearly didn't get the memo about how it should react. Might be time to send it a strongly worded letter.

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