USD/MXN climbs on risk aversion spurred by US debt ceiling risks, ahead of the FOMC – by christianborjon USDMXN Currencies EmergingMarkets Mexico
quering the 18.00 figure. US equities closed on a lower note as the US debt ceiling narrative takes center stage amongst the US banking turmoil. The USD/MXN is trading at 17.9792 after hitting a low of 17.8972.The USD/MXN snapped three days of losses as sentiment shifted sour. Nervousness around a possible US debt default, as the US Treasury Secretary Janet Yellen commented that the government might run out of money by June 1, kept investors uneasy.
The USD/MXN shrugged off the fall of US Treasury bond yields, weakening the US Dollar. Nevertheless, when the market mood shifts sour, high beta currencies, like the Mexican Peso , weaken against the US Dollar. , a gauge of the buck’s value against a basket of rivals, slides 0.18%, down at 101.927, bracing to the 20-day EMA.The USD/MXN remains downward biased despite erasing last Monday’s losses. As long as the pair remains below the 20-day Exponential Moving Average at 18.0633, further downside is expected. On the other hand, if USD/MXN buyers reclaim the latter, a rally to the 50-day EMA at 18.2539 is on the cards. Once cleared, the USD/MXN could threaten the 100-day EMA at 18.5746.
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