Despite flirting with a level of 17.05, buyers of Mexican Peso justify their options market bias.
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USD/MXN remains sidelined around 17.05-06, retreating from the intraday high as it pares the two-day losing streak during the initial Asian session on Tuesday.
While the lack of major data/events allows the Mexican Peso (MXN) pair to lick its wounds, the bearish bias prevails amid downbeat US Dollar and options market concerns about the MXN.
That said, the one-month Risk Reversal (RR) of the USD/MXN pair, a measure of the spread between call and put prices, dropped the most in three days to -0.127 by the end of Monday’s North American trading session.
In doing so, the options market figures defy the hopes of witnessing a corrective bounce in the USD/MXN price by the previous weekly RR numbers. It should be noted that the options market gauge printed the first weekly positive figures in seven the last week with 0.177 mark but the bulls failed to keep the reins on Monday.
Elsewhere, the US Dollar Index (DXY) remains on the back foot at the lowest levels in three weeks, after declining in the last three consecutive days, as bears prod the 101.90 support, as Friday’s downbeat US employment data join downbeat US inflation expectations.
Also read: USD/MXN retreats amid soft USD, market awaits US CPI data
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