The Mexican Peso was virtually flat against the US Dollar on Friday after seesawing within the 17.99 – 18.19 range.
Mexican Peso hit an eight-day high of 17.99 before losing traction. Light economic week in Mexico ; upcoming data includes May CPI, Consumer Confidence, and Banxico meeting minutes. US Nonfarm Payrolls exceed expectations; revisions to prior months fuel predictions of Fed easing. Mixed US jobs data sparked speculation that the Federal Reserve could cut interest rates in September, sending the emerging market currency soaring before the USD/MXN trimmed its losses and traded at 18.
Momentum shows a slight recovery as the Relative Strength Index turned flat in bullish territory after posting three days of lower readings. This confirms the USD/MXN range-bound trading. For a bullish resumption, the USD/MXN must surpass 18.10, followed by a rally above the June 28 high of 18.59, so buyers can challenge the YTD high at 18.99. Conversely, sellers will need a drop below 18.00, which could extend the pair’s decline toward the December 5 high, which turned support at 17.
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