Mexican Peso rebounds as traders anticipate Banxico’s steady hand

Mexican Peso (MXN) stages a comeback, recovering from Monday’s losses against the US Dollar (USD), which was bolstered by higher Treasury bond yields in the United States (US).

Mexican Peso recovers from Monday’s dip, with USD/MXN trading around 17.50. Banxico is anticipated to maintain the overnight cash rate unchanged at 11.25%, with markets pricing in a steady approach for the upcoming policy decisions. Federal Reserve's pause in rate hikes last week has led to a 3.75% appreciation of the Peso against the Dollar.

Technical Analysis: Mexican Peso buyers in charge as they eye the 100-day SMA The USD/MXN daily chart portrays the pair as bearish, resuming its downtrend despite having undergone a slight recovery on Monday. Even though the pair formed a Japanese hammer candlestick pattern at Friday’s lows, current price action suggests the exotic pair could consolidate at around current price levels ahead of Banxico’s decision.

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