The Mexican Peso depreciated sharply against the US dollar as Federal Reserve (Fed) Governor Michelle Bowman was hawkish compared to San Francisco Fed President Mary Daly, who was concerned about the labor market, stressing that the dual mandate risks are balanced.
Mexican Peso depreciates sharply with USD/MXN trading back above 18.00, gaining over 1%. Fed Governor Michelle Bowman’s comments on holding policy rates steady and willingness to raise rates pressure the Peso. Upcoming Banxico monetary policy decision on Thursday, with most economists expecting rates to remain unchanged at 11.00%.
A breach of the latter will expose the March 20, 2023, high of 19.23, followed by an uptick to 19.50. On the flip side, if USD/MXN tumbles below 18.00, the next key support level would be the 50-day Simple Moving Average at 17.37 before testing the 200-day SMA at 17.23. Once those two levels are cleared, the next stop would be the 100-day SMA at 17.06. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso is the most traded currency among its Latin American peers.
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