USDMXN upside break confirms overall risk off tone

USDMXN we regard as a strong barometer for overall risk. Whilst we have liked Equity indices to break lower in face of relentless bad news and over stretched technicals, the turn up in USDMXN today is noticeable. Close above 21.30opens up for test of 21.80. Our core views are short Nas100 targeting 10,000 and SP500 targeting 3150-3200