Buy mexican Peso 11.50 - 11.70
- Thread starter chafro
- Start date
MEXICO CITY, Aug 23 (Reuters) - Mexico's trade deficit in July was a narrower-than-expected $319 million as manufacturing exports surged, especially in the auto industry.
The finance ministry said its preliminary data showed exports soared 21.4 percent to $19.876 billion while imports were up 18.1 percent to $20.195 billion.
Auto exports were up more than 25 percent, fueled by strong U.S. demand and new models from major manufacturers' Mexican factories.
Analysts had expected the July trade deficit to come in at around $366 million.
Mexico traditionally runs trade deficits but they have shrunk and the country has even run surpluses in recent months, helped by strong oil revenues and a boom in manufacturing exports.
For the first seven months of this year, Mexico had an accumulated trade surplus of $223 million. ((Mexico City newsroom, editing by Tom Hals; +52 55 5282-7146)) Keywords: ECONOMY MEXICO TRADE
The finance ministry said its preliminary data showed exports soared 21.4 percent to $19.876 billion while imports were up 18.1 percent to $20.195 billion.
Auto exports were up more than 25 percent, fueled by strong U.S. demand and new models from major manufacturers' Mexican factories.
Analysts had expected the July trade deficit to come in at around $366 million.
Mexico traditionally runs trade deficits but they have shrunk and the country has even run surpluses in recent months, helped by strong oil revenues and a boom in manufacturing exports.
For the first seven months of this year, Mexico had an accumulated trade surplus of $223 million. ((Mexico City newsroom, editing by Tom Hals; +52 55 5282-7146)) Keywords: ECONOMY MEXICO TRADE
More mindless bantering....
19:17 USD/MXN: Peso Plummets No News - Investment Banks $ Sellers] New York
August 23. USD/MXN ripped north this afternoon on no news, just cut outs - as
what started as a USD rally against majors ended up as an MXN debacle. Calls to
the few senior traders around confirmed that they had seen no underlying buyers
of dollars, but noted a premier US investment bank selling 300-400 mln USD
around 10.8300. The high has been 10.9130 which has capped the move on three or
four attempts. Some traders have been waiting for "the other shoe to drop" since
the Chiapas election impasse on Monday - and were surprised by the Peso"s
resilience in the midst of a ratcheting up of the political tensions in the
country.
Technical traders attribute the move to a breakdown in the underlying technical
picture, with spot closing over the 6 day M/A yesterday, and breaking above the
18 day M/A today. The initial up-move was prompted by spill over USD buying from
the majors market, but once the technicals broke down, momentum accounts started
to liquidate. Furthermore, MXN carry trades were being liquidated as the "pain"
outweighed the day to day "gain". A close above the 18 day M/A will be very
negative from a technical standpoint - but at present the market does not look
like it will cede the dollar"s current gains. The 50% Fibo of the 10.3970/
11.5185 Lo/ Hi is at 10.9580 and may slow the move down, although daily RSIs are
in comfortable territory at 58. Hourly RSI is at 84.5 and is extended, so it is
likely we are close to the highs for today.
19:17 USD/MXN: Peso Plummets No News - Investment Banks $ Sellers] New York
August 23. USD/MXN ripped north this afternoon on no news, just cut outs - as
what started as a USD rally against majors ended up as an MXN debacle. Calls to
the few senior traders around confirmed that they had seen no underlying buyers
of dollars, but noted a premier US investment bank selling 300-400 mln USD
around 10.8300. The high has been 10.9130 which has capped the move on three or
four attempts. Some traders have been waiting for "the other shoe to drop" since
the Chiapas election impasse on Monday - and were surprised by the Peso"s
resilience in the midst of a ratcheting up of the political tensions in the
country.
Technical traders attribute the move to a breakdown in the underlying technical
picture, with spot closing over the 6 day M/A yesterday, and breaking above the
18 day M/A today. The initial up-move was prompted by spill over USD buying from
the majors market, but once the technicals broke down, momentum accounts started
to liquidate. Furthermore, MXN carry trades were being liquidated as the "pain"
outweighed the day to day "gain". A close above the 18 day M/A will be very
negative from a technical standpoint - but at present the market does not look
like it will cede the dollar"s current gains. The 50% Fibo of the 10.3970/
11.5185 Lo/ Hi is at 10.9580 and may slow the move down, although daily RSIs are
in comfortable territory at 58. Hourly RSI is at 84.5 and is extended, so it is
likely we are close to the highs for today.
are you rich yet?
--bull
18:36 USD/MXN: Retreats After Hitting Highs of 10.9425] San Francisco, August
24. Broad-based USD buying and some profit-taking in emerging markets saw
USD/MXN rally to highs of 10.9425 this session after taking out stops above
10.9200. The currency pair is currently at 10.9188 with traders quick to take
profit ahead of the Bank of Mexico meeting tomorrow and the speech from Fed"s
Bernanke at the annual Jackson Hole meeting. Support is eyed at 10.8720 now and
the lows for the session.
--bull
18:36 USD/MXN: Retreats After Hitting Highs of 10.9425] San Francisco, August
24. Broad-based USD buying and some profit-taking in emerging markets saw
USD/MXN rally to highs of 10.9425 this session after taking out stops above
10.9200. The currency pair is currently at 10.9188 with traders quick to take
profit ahead of the Bank of Mexico meeting tomorrow and the speech from Fed"s
Bernanke at the annual Jackson Hole meeting. Support is eyed at 10.8720 now and
the lows for the session.
