Today, I opened a short position on the USDMXN due to the strong bearish trend in recent months. This trend has been driven by the attractiveness of Mexican bonds with their high interest rates. However, today's release of the CB Consumer Confidence (Aug) data in the United States was significantly lower than expected. The actual value was 106.1, while the forecast was 116 and the previous value was 110. This reinforces my belief that the bearish trend will continue, at least until reaching 16.65.
It is worth mentioning that my perspective may change if tomorrow's Core PCE data in the United States is higher than 3.9%. In that case, I will close the position as it would strengthen the dollar.
Remember that the financial market is volatile and subject to constant changes. It is always advisable to assess the data and adjust strategies accordingly.
It is worth mentioning that my perspective may change if tomorrow's Core PCE data in the United States is higher than 3.9%. In that case, I will close the position as it would strengthen the dollar.
Remember that the financial market is volatile and subject to constant changes. It is always advisable to assess the data and adjust strategies accordingly.