The Mexican Peso (MXN) manages to hold the line on Wednesday after depreciating an average of 1.5% in its most heavily traded pairs the previous day.
The Mexican Peso declines steeply after Donald Trump says he will stop Mexican-made cars from entering the US. A critical report by the IMF about Mexico’s economic outlook further weighs. USD/MXN rallies strongly from its bedrock of support at the base of a rising channel. The Mexican Peso manages to hold the line on Wednesday after depreciating an average of 1.5% in its most heavily traded pairs the previous day.
” However, overall, the IMF was optimistic about the new laws, saying, “Staff’s current baseline does not incorporate potential headwinds from these uncertainties.” Technical Analysis: USD/MXN spikes from base of rising channel USD/MXN rallies from a strong belt of support at the base of a rising channel and the 50-day Simple Moving Average situated at 19.42.
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