The Mexican Peso recovered and registered gains of more than 0.35% against the US Dollar on Tuesday as traders had fully priced in the Federal Reserve's decision to cut interest rates in September.
Mexican Peso strengthens by 0.35% as traders fully price in the Fed rate cut for September. Banxico ’s dovish comments and Fed Chair Powell’s balanced mandate remarks influence market sentiment. US Dollar Index rises slightly to 104.18; US Retail Sales data meet expectations. The Mexican Peso recovered and registered gains of more than 0.35% against the US Dollar on Tuesday as traders had fully priced in the Federal Reserve's decision to cut interest rates in September.
Technical analysis: Mexican Peso climbs as USD/MXN tumbles below 17.70 The USD/MXN is downward biased despite Monday’s upward correction, which breached last Friday’s high of 17.80. Momentum is bearish, as depicted by the Relative Strength Index , but strong support is found at the 50-day Simple Moving Average at 17.63. In the outcome of a breach under the 50-day SMA, the first support would be the December 5 high at 17.56, followed by the 200-day SMA at 17.27.
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