Market Analysis
GBP/JPY weekly: sterling tests 215.00 resistance, 2026-06-08
Sterling gained 1.089 points against the yen this week, closing at 214.897.
2 min de lectureUSDMXN opened the week at 17.4642 and closed at 17.2546, declining 219 pips or 1.25%. The pair printed a weekly high of 17.495 on Monday before sellers took control. Friday's low at 17.2339 marked the weakest dollar level against the peso in five sessions.
The peso strengthened steadily throughout the week as broader dollar weakness took hold. Thursday's decisive break below 17.40 accelerated the decline, with USDMXN dropping from 17.4191 to 17.2453 in a single session. The 193-pip Thursday selloff accounted for most of the weekly move.
China's central bank actions influenced emerging market currencies on Friday. The PBOC set its daily yuan reference rate stronger than market expectations, supporting risk assets across Asia and Latin America.
No high-impact events are scheduled for next week in the economic calendar. Without major data releases, USDMXN will likely trade on broader dollar sentiment and any developments in Mexican monetary policy expectations. Watch for any comments from Banxico officials that could influence peso positioning.
Current LHFX client positioning shows 61.8% of traders are long USDMXN while 38.2% are short. This long-skewed positioning indicates most traders expect the dollar to strengthen against the peso from current levels.
The 17.40 level that broke on Thursday now acts as resistance. If USDMXN closes back above 17.40, the weekly high at 17.495 comes into focus. Below current levels, Friday's low at 17.2339 is the immediate support. A break there opens the path toward 17.20.
Byline: LHFX Research
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