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Mexican Peso: How do carry and value underpin the Peso? – TD Securities
Despite risk aversion in global equities, TD Securities remains positive on the Mexican Peso (MXN), citing supportive carry and valuation metrics alongside cleaner positioning. The firm expects USD/MXN to move back towards 18.00 by year-end. This aligns with its projected path of around 18.00–18.40 in 2027, followed by a gradual rise to 19.00 by 2028.
Can carry and valuation support the Peso?
"Carry and value are more supportive for MXN. Given USDMXN's increased correlation to relative equity performance over the past year and clean positioning, we continue to believe that USDMXN could retrace back to 18.00 into year-end, even amid a backdrop of global equity risk-off."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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