The Mexican Peso (MXN) edges higher in most pairs on Friday as investor risk appetite remains strong, supporting commodity-related currencies and risk-sensitive FX such as the Mexican Peso.
The Mexican Peso edges higher in most pairs on an upbeat market mood. Investors are relieved the Fed did not suddenly change course and threatened to raise interest rates at its May meeting. Mexico S&P Global Manufacturing PMI data eases lower but remains in expansionary territory. The Mexican Peso edges higher in most pairs on Friday as investor risk appetite remains strong, supporting commodity-related currencies and risk-sensitive FX such as the Mexican Peso.
Given the established sideways trend is tipped to continue, the next move will probably be a leg back up towards the range highs. The pair formed a bullish Japanese Hammer candlestick reversal pattern on Thursday which could mark the beginning of the new up leg within the range, however, it is still early to say with any confidence and candlesticks are only very short-term signals.
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