The Mexican Peso registers decent gains versus the US Dollar after mixed US economic data augmented the chances that the Federal Reserve (Fed) could lower interest rates at the December meeting.
Mexican Peso capitalizes on mixed economic data from the US. Mexico's economic indicators show a slowdown, with housing construction down 5.2% YoY in September. Fed's mixed messages on future rate cuts keep markets guessing, with further US data awaited this week. The Mexican Peso registers decent gains versus the US Dollar after mixed US economic data augmented the chances that the Federal Reserve could lower interest rates at the December meeting. The USD/MXN trades at 20.26, down 0.
30 on Peso’s strength The USD/MXN uptrend remains intact, although the exotic pair fell below 20.50. Momentum shows that bears are in charge, as depicted by the Relative Strength Index aiming toward its neutral line. If USD/MXN drops below the November 19 low of 20.06, the next stop would be 20.00. On further weakness, the exotic pair will test the 50-day Simple Moving Average at 19.97. A breach of the latter will expose the 100-day SMA at 19.61 before the psychological 19.00 figure.
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