MEXICO: USDMXN Breaks Above Resistance, Mid-Month CPI Data Due
Apr-22 10:51
- USDMXN has extended the week’s gains, breaking above the Apr 6 high of 20.1950. Supportive price action overnight amid broad greenback strength has seen the pair extend to fresh highs at 20.3789, up 0.86% on the day.
- This level closely matches with the 38.2% Fibonacci retracement from the March-April range and the 200-day EMA at 20.3741.
- Clearance of 20.1950 is a bullish technical development, signalling a potential base at 19.7274.
- At 1200BST/0700ET, Mexico will release bi-weekly inflation data where the annual headline rate is expected to have marginally increased from the prior reading with Core CPI also estimated to advance above 7% from a prior reading of 6.88%.
- April Bi-Weekly CPI, est. 0.07%, prior 0.59%
- April Bi-Weekly CPI Y/y, est. 7.63%, prior 7.62%
- April Bi- Weekly Core CPI, est. 0.37%, prior 0.40%
- April Bi-Weekly Core CPI Y/y, est. 7.10%, prior 6.88%
- Economic activity data for February will be published on Monday and for reference, the next Banxico decision/statement is scheduled for May 12.
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