The Mexican Peso recovered some ground and trimmed some of its earlier losses, which pushed the emerging market currency to its lowest level in six weeks against the Greenback.
Mexican Peso losses some 0.20% despite recovering from a six-week low. US GDP data for Q2 2024 surpasses expectations, a headwind for the US Dollar. Concerns rise over Mexico ’s judiciary reforms and Tesla's investment threats due to political uncertainties. Better-than-expected data in the United States was cheered by investors, who ditched safe-haven assets. Therefore, the USD/MXN trades at 18.40, down 0.21%, after hitting a peak of 18.58. The latest inflation report in Mexico was mixed.
Technical analysis: Mexican Peso on the defensive as USD/MXN says above 18.30 The uptrend is set to continue once the USD/MXN cleared the daily Simple Moving Averages and reclaimed the 18.00 psychological level. Buyers continued to gain traction as depicted by the Relative Strength Index , which is bullish and with space before turning overbought. If the USD/MXN decisively breaks the 18.50 figure, the next stop would be the year-to-date high at 18.99.
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