USD/MXN: A move towards 20.50 is highly likely – Rabobank USDMXN Banks Mexico
“We disagree with the view that the Fed will cutthis year, but in the short term, the market is unlikely to change its outlook. This is currently providing support for risk assets across the board. As a result, we see MXN as likely to remain firm on a 1-3 month view, with the pair likely to stay below 19.80. That said, we see support at 18.50 as likely to hold.”
“We expect a true consumer-driven US recession this year, but this recession is likely to be accompanied by a more robust labor market than in previous cycles. To our mind, that creates a scenario where the Fed holds through the recession. Risk assets are likely to take a hit when this becomes clear to the market.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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