The Mexican Peso (MXN) fluctuates between modest gains and losses on Tuesday after closing the previous day marginally higher in its major trading pairs – USD/MXN, EUR/MXN and GBP/MXN.
The Mexican Peso closed Monday slightly higher in its key pairs – it continues the trend on Tuesday. President-elect Claudia Sheinbaum takes over from outgoing President Andres Manuel Lopez Obrador on Tuesday. USD/MXN pauses in its uptrend, but the bias remains bullish. The Mexican Peso edges higher in its key pairs on Tuesday, continuing theprevious day's performance which sawUSD/MXN, EUR/MXN and GBP/MXN all decline.
The Pound Sterling was sold after the UK Gross Domestic Product growth data’s final reading for Q2 revealed a downward revision to 0.7% YoY from its previous 0.9% estimate. That said, other UK data showed Business Investment growing and UK borrowing data revealed consumers continuing to access credit. Technical Analysis: USD/MXN pauses within uptrend USD/MXN pauses and consolidates during its steady climb within a rising channel.
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