The Mexican Peso seesaws between tepid losses and gains against the US Dollar during the European session on Thursday.
The Mexican Peso broadly continues strengthening against the US Dollar after worse-than-expected US Services data. US Services inflation appears to be slowing, potentially indicating the possibility of an early interest-rate cut from the Fed. The long-term trend for the USD/MXN pair is lower, but chart sigils and omens suggest a risk of a recovery. The sparsity of Mexican data on the calendar means the fundamental story for the pair is a song of the US Dollar , rather than of the Peso .
Once the pattern is complete the market usually reverses or undergoes a substantial correction. The Relative Strength Index is converging quite acutely with price, which is a sign the downtrend could be losing momentum. Although in 2024 price has pushed below the level of the 2023 lows, RSI has not followed suit. This non-correlation can be a precursor to a recovery.
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