The Mexican Peso registered solid gains on Tuesday against the Greenback due to upbeat Mexican economic data and a softer-than-expected Retail Sales report from the United States (US).
Mexican Peso rises as Private Spending and Aggregate Demand show solid economic performance. Political concerns ease with support for AMLO’s judiciary reform, discussions to start soon. US Dollar weakened by lower-than-expected Retail Sales and downward revisions for previous months. The Mexican Peso registered solid gains on Tuesday against the Greenback due to upbeat Mexican economic data and a softer-than-expected Retail Sales report from the United States .
50 The USD/MXN is bullishly biased despite dipping to a five-day low of 18.29 as momentum shows buyers are in charge. The Relative Strength Index is bullish above the 50-midline, indicating that bullish momentum is intact. Buyers achieving a daily close above 18.50 could pave the way for further upside. Next would be the year-to-date high of 18.99, followed by the March 20, 2023, high of 19.23. A breach of the latter will sponsor an uptick to 19.50, ahead of the psychological 20.00 mark.
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