Oct 22th, 2023 - USDMXN to 17.77?

٢٢ أكتوبر ٢٠٢٣

Last week USDMXN traded between 17.85 and 18.46. Given Banxico's decision to maintain its benchmark policy rate at a record high of 11.25% at its September 2023 meeting, as widely expected, and FED's expectation to hike rates if the economy remains hot... Short term, (weekly) my bias is for dollar weakness. I am looking for dollar strength around the 105.917 DXY handle....

This move could possibly lead to MXN nearing the 17.77 handle for this week.

This is not financial advice by any means, I am not a licenced financial advisor and these are just my points of view of the market.

USDMXN