The US dollar continues to drive where we go in multiple markets. On Monday, it looks like risk appetite is a bit stronger.
USD/MXN is bouncing on risk-off flows, but 18.00 remains the key resistance level where sellers may look to reenter the broader downtrend.
The week begins with a new depreciation in USD/MXN of -0.71% during the session, favoring the Mexican peso and attempting to reestablish a consistent bearish bias.
USD/MXN jumps above 17.70 as Middle East war spurs risk-off
USD/MXN trips down towards 17.56 as risk appetite boosts Mexican Peso
Watching the interest rate markets and various risk sensitive currencies will be the way I approach the markets today.