The Mexican Peso remained firm against the US Dollar on Friday yet erased earlier gains, which saw the emerging market currency appreciate over 0.90%.
Mexican Peso gained 0.90% earlier on Friday but erased gains amid a weaker US Dollar. US Dollar Index hit a two-month high before retreating to 103.48, down 0.23% on Friday. China's stimulus measures provided brief support to the Peso. US economic data revealed during the week justified the Federal Reserve’s gradual approach to easing policy, bolstering the Greenback and weighing on the Peso. The USD/MXN trades at 19.84, up by 0.20%.
Once the USD/MXN surpassed the October 17 high of 20.02, the next resistance level would be the YTD high at 20.22. On further strength, the USD/MXN would aim toward 20.50 before rallying to 21.00. Conversely, if the USD/MXN tumbles below today’s low of 19.64, the next stop would be the October 10 daily peak at 19.61. On further weakness, the next floor will be the October 4 swing low of 19.10 before testing 19.00.
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