More Gains For Regional FX

Having already appreciated considerably in recent weeks, we continue to like the look of several Latin American FX majors, most notably the Mexican peso which we turned outright bullish on March 8 at MXN12.61/US$. The peso has since posted gains of 3.1% against the US dollar, currently trading along resistance at MXN12.21/US$. A break here would set up further appreciation for the peso in the near term, reinforcing a positive medium-term outlook.

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