Short USD/MXN
Got lucky for once in a long time and booked a modest profit at the psychological level of 12.9, only to see USD/MXN surge back up to 13 in late afternoon trading, presumably over fiscal cliff concerns. The Peso had surged Sunday night in Asian markets, only to give back everything and then some once traders stateside got a chance to put in their two cents. If anything, the heated rhetoric between President Obama and Speaker Boehner might not have as much an impact in non-English speaking markets. I plan to re-establish my short position, selling in quarters at 13.05, 13.15, 13.2 and 13.29. My target will be 12.95. Meanwhile, I will keep a segregated small short position for the interest income and the Q4 target of 12 flat.
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