Futuro del peso mexicano 23-4

Mexico reports mid-April CPI Tuesday, which is expected to rise 4.7% y/y vs. 5.2% in mid-March.  If so, it would be the lowest since January 2017 but still above the 2-4% target range.  Banco de Mexico releases its minutes Thursday.  Next policy meeting is May 17, no change is expected then if the peso remains stable.  March trade will be reported Friday.
There are no Fed speakers this week due to the embargo ahead of the May 2 FOMC meeting.  While we see little chance of a hike then, markets are likely to remain nervous

  • Strong five-day 4.45% rally into Monday’s 18.74 high
  • U.S yield rally underpinning: 10-year bond yield just shy of 3.0%
  • Profit taking just stalling price ahead of technical levels
  • Daily cloud base at 18.7005 and 100DMA 18.7453, price last 18.6885
  • 55 and 200DMAs supporting at 18.5260 and 18.4982 respectively
  • Despite pullback market looks ripe for a cloud break, top is at 18.8730

Futuro del peso mexicano 23-4

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