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2 Apr 2015
Neutral stance for the Mexican peso – JP Morgan
FXStreet (Edinburgh) - The research team at JP Morgan keeps its preference for neutral outlook on the Mexican peso.
Key Quotes
“The MXN has typically suffered going into US payrolls”.
“Indeed, the average performance in the last two months shows that USD/MXN increased 1.8% in the five days through the payroll report”.
“Moreover, Banxico’s probability to front run the Fed has diminished materially as the authorities acknowledge no FX pass-through, which could imply more tolerance for a weaker MXN”.
“We remain neutral MXN”.
Key Quotes
“The MXN has typically suffered going into US payrolls”.
“Indeed, the average performance in the last two months shows that USD/MXN increased 1.8% in the five days through the payroll report”.
“Moreover, Banxico’s probability to front run the Fed has diminished materially as the authorities acknowledge no FX pass-through, which could imply more tolerance for a weaker MXN”.
“We remain neutral MXN”.