The Mexican Peso begins the week on the back foot and falls some 0.50% against the Greenback amid a risk-on impulse that keeps the US Dollar trading near seven-week highs.
Mexican Peso slumps after hitting a low of 19.18, driven by risk-on sentiment favoring the US Dollar. Mexico's economic docket highlights an increase in the Jobless Rate to 3.0%, with focus turning to upcoming inflation data and Banxico ’s September meeting minutes. US Nonfarm Payrolls for September exceeded expectations last Friday, adding 254K jobs as the Unemployment Rate fell to 4.1%.
30 On Friday, I wrote, The USD/MXN uptrend is doubtful as the pair cleared the 50-day Simple Moving Average at 19.34, with sellers gathering momentum.” The exotic pair remains below that area, which could pave the way for further downside, despite solid gains on Monday. In the short term, the Relative Strength Index shifted bullish, though it remains in bearish territory. This opens the door for a leg-up before resuming its downtrend.
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