The Mexican Peso rallied to a new eight-year high against the US Dollar with the USD/MXN pair breaching last year’s low of 16.62, extending its losses to the 16.50s.
Mexican Peso skyrockets sharply toward 16.51 against the US Dollar as USD/MXN contracts 0.48%. Mexico’s narrowed trade deficit and the tighter labor market in Mexico contributed to Peso's ascent, surpassing expectations. Attention turns to Federal Reserve Governor Christopher Waller's comments on Wednesday. Thin liquidity conditions amid a shortened week in the observance of Good Friday strengthened the Mexican currency, which hit 16.51.
60 The USD/MXN sellers gathered steam as the pair extended its losses toward the midpoint of the 16.50/16.60 area, while the Relative Strength Index turned oversold. The next support level is the October 2015 cycle low at 16.32 before the pair plunges to the 16.00 figure. On the other hand, USD buyers need to reclaim the 2023 low-turned-resistance at 16.62 if they would like to push prices toward the 50-day Simple Moving Average at 16.98. further upside comes at 17.
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