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Chart of the Day: USDMXN (weekly)

With the USD finding buyers easy to come by, we’re seeing emerging-market (EM) currencies struggling. For example, in the past month we’ve seen the USD rally against all EM currencies except the Thai baht, where USDTHB has fallen 1%. If it weren’t for the fact that global bond yields are so low and, in many cases, negative, we’d be seeing EM currencies taken to the cleaners.

USDMXN, weekly

USDMXN is breaking out of a multiyear triangle consolidation pattern. Given the length, duration and structure behind this pattern, if we see a convincing weekly close through the downtrend, it could mark the start of a more significant rally.

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