USD/MXN nearby two-week lows, below 18.4000, on an upbeat mood USDMXN Currencies EmergingMarkets
the week’s lows. Investors shrugging off banking crisis woes shifted sentiment positively. Therefore, risk-perceived currencies in the FX space are printing gains. The USD/MXN trades at 18.3902.Wall Street is opening the week with gains. A light economic docket in the keeps traders focused on the developments around global banks. News emerged that First Citizens BancShares, Inc.
US Treasury bond yields are rising, with the 10-year benchmark note rate at 3.473%, gaining almost ten basis points. However, the greenback has failed to follow suit with UST bond yields, withMeanwhile, money market futures expect the US Federal Reserve to hold unchanged at the May meeting, as shown by the CME FedWatch Tool. Odds are at 63.8%, vs. 38.2% chances of a 25 bps rate hike.President Neil Kashkari said that the risks for a recession have improved after the banking system crisis.
On the Mexican front, the Balance of Trade for February missed estimates of a $0.9B surplus and printed a deficit of $1.84B. However, the figures showed some improvement after January’s $4.125B deficit. Exports were reduced by 2.80% YoY in February, blamed onUSD/MXN remains neutral to downward biased, capped by the 20-day Exponential Moving Average at around 18.5290, slightly above the psychological $18.50 figure.
Hence the USD/MXN first support would be the weekly low at 18.3259. A breach of the latter will expose the March 13 low at 18.2369, followed by the YTD low at 17.8967. On the other hand, if the USD/MXN reclaims $18.50, that could open the door for further gains. But as long as the USD/MXN stays below 18.7968, the pair will remain tilted downwards.
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