The Mexican Peso stood firm against the US Dollar after the Bank of Mexico (Banxico) revealed its last meeting minutes.
Mexican Peso fluctuates amid volatile session influenced by US data. Banxico minutes reveal potential for interest rate adjustments as inflation is expected to converge by Q4 2025. US inflation data misses estimate, pushing US Treasury yields and USDollar Index lower. Mixed US data and strong carry trade demand keeping Peso resilient against weakening Greenback. The Mexican Peso stood firm against the US Dollar after the Bank of Mexico revealed its last meeting minutes.
Even though momentum remains bearish, the Relative Strength Index flipped flat at bearish territory, hinting that sellers are taking a respite. In the event of a bearish continuation, bears need to clear the 17.70 mark. Once surpassed, the next stop would be the confluence of the December 5 high and the 50-day Simple Moving Average near 17.56/57, followed by the 200-day SMA at 17.26. The next floor level would be the 100-day SMA at 17.19.
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