Now that the election is out of the way, MXN denominated assets have not seen signs of relief. In fact, the USDMXN structure has risen across tenors, with the front-end rising the most
USD/MXN hedging demand over the next month has a cumulative 2d move of about 5.5 vols, the last read stands at 16.130%
Topside demand has sent the 1m risk reversal to the highest since the invasion of Ukraine, USD/MXN premium now stands 4.22 vols favouring calls over puts
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