Mexican Peso (MXN) begins the week on the wrong foot against the US Dollar (USD) and loses at around 0.30%, even though market sentiment remains upbeat.
The Mexican Peso starts the week with a 0.30% decline against the U.S. Dollar , with the USD/MXN pair rising above the 17.50 level. Mexico's Consumer Confidence index fell in October, marking the first significant drop since July 2022, signaling growing consumer pessimism about the economic outlook. Market participants are looking ahead to the Bank of Mexico's upcoming policy meeting, where rates are expected to remain at 11.25%.
Technical Analysis: Mexican Peso buyers in charge, but sellers eye a recovery past the 50-day SMA The USD/MXN daily chart portrays the pair as bearish, despite having undergone a slight recovery after diving to a new month low of 17.28 on Friday. The pair also formed a Japanese hammer candlestick pattern at Friday’s lows, although it ended the day painted red, weakening the short-term reversal signal.
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