The USD/MXN resumed its downtrend as the effect of the release of strong US labour figures waned.
Mexican CPI data is expected to show cooling inflation, which might increase the selling pressure on the MXN. Technically, USD/MXN’s double top at 20.80 suggests the possibility of a deeper correction. The Mexican Peso opened the week in the same positive tone seen in the previous one, slightly appreciating against the US Dollar. The USD/MXN pair has lost about 3.30% after peaking near 21.00 in late November and is approaching the key 20.
00 psychological level, which is also the neckline of the mentioned double top, the next target would be November’s low at 19.75. Resistances are Friday’s high at 20.25, ahead of the December 2 high at 20.60 and November’s peak at 20.80. USD/MXN 4-Hour Chart Inflation FAQs What is inflation? Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month and year-on-year basis.
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