LATAM FX: Price Signal Summary - USDMXN Remains Vulnerable
May-11 12:55
- USDMXN maintains a softer tone and yesterday’s extension lower reinforces bearish conditions. The move confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. The focus is on 17.4503, the Jul 19 2017 low. Firm resistance is unchanged at 18.4011, the Apr 5 high. A breach would signal a potential reversal. First resistance is at 17.9387, the 20-day EMA.
- The trend outlook in USDBRL remains bearish. On Apr 12, the pair cleared support at 4.9410, the Feb 2 low. This confirmed a resumption of the broader bear cycle that started Nov 17 last year. The move lower opens 4.8889, 76.4% of the May - Nov 2022 bull phase. A break would expose 4.8478, the Jun 8 2022 low. On the upside, the next firm resistance to watch is seen at 5.0733, the 50-day EMA. A clear break of this average would alter the picture and highlight a stronger short-term reversal.
- USDCLP remains above 783.10, the Mar 31 low. A continuation lower and breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. A stronger resumption of gains would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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MNI: US REDBOOK: APR STORE SALES +1.5% V YR AGO MO
Apr-11 12:55
- MNI: US REDBOOK: APR STORE SALES +1.5% V YR AGO MO
- US REDBOOK: STORE SALES +1.5% WK ENDED APR 08 V YR AGO WK
FRANCE T-BILL AUCTION RESULTS: 12/23/49-week BTFs
Apr-11 12:54
| Type | 12-week BTF | 23-week BTF | 49-week BTF |
| Maturity | Jul 5, 2023 | Sep 29, 2023 | Mar 20, 2024 |
| Amount | E2.596bln | E1.898bln | E1.7bln |
| Target | E2.2-2.6bln | E1.5-1.9bln | E1.3-1.7bln |
| Previous | E2.599bln | E1.495bln | E1.794bln |
| Avg yield | 2.901% | 3.093% | 3.170% |
| Previous | 2.881% | 2.969% | 3.158% |
| Bid-to-cover | 2.34x | 3.00x | 3.06x |
| Previous | 3.03x | 3.69x | 2.75x |
| Previous date | Apr 03, 2023 | Apr 03, 2023 | Apr 03, 2023 |
STIR: Jun'23 SOFR Put Fly Buy
Apr-11 12:48
- +14,000 SFRM3 94.93/95.06/95.18 put flys, 1.5 ref 95.03
