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- USD/MXN could head up and briefly trade above 18 – ING
USD/MXN could head up and briefly trade above 18 – ING
Peso’s September correction continues. Economists at ING analyze USD/MXN outlook.
Good Peso buying interest should USD/MXN trade over 18
High US interest rates are proving a headwind to emerging currencies worldwide – even to the mighty Mexican Peso. In addition, the Peso this month is facing the unwind of Banxico's FX intervention book – a front-loaded exercise that we felt could weigh on the MXN this month and perhaps into October, too.
With the Dollar set to stay strong for the next few weeks, USD/MXN could head up to the 200-Day Moving Average at 17.85 or even briefly trade above 18. However, we like the Peso multi-quarter and expect good Peso buying interest should USD/MXN trade over 18.
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