Despite a bullish bias in the options market, the Mexican Peso remains defensive near the 17.00 level.
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USD/MXN remains on the front foot despite recently making rounds to the 17.00 round figure amid Monday’s sluggish Asian session. In doing so, the Mexican Peso (MXN) pair portrays the market’s cautious mood ahead of the top-tier central bank events and the data while also justifying the bullish bias of the options market.
That said, the one-month Risk Reversal (RR) of the USD/MXN pair, a measure of the spread between call and put prices, rose for the fourth consecutive day to 0.124 by the end of Friday’s North American trading session.
In doing so, the options market figures flag the traders’ bullish bias while extending the bounce off the lowest levels since late 2015.
It should be noted that the options market gauge consolidates the biggest weekly positive RR print since early April with the latest numbers being 0.317.
Elsewhere, the US Dollar Index (DXY) struggles to defend recovery from its 15-month low, following a three-day winning streak, stays defensive above 101.00 as market players seek more clues amid a sluggish Asian session.
Also read: USD/MXN tests 17.00 figure amid expectations of Fed’s hike past July FOMC’s meeting
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