Mexican Peso registers gains against the US Dollar on Wednesday during the North American session ahead of the release of the minutes of the last Federal Reserve (Fed) monetary policy meeting.
Mexican Peso registers gains with USD/MXN trading at 16.62, down 0.08%. Fed officials are cautious about rate cuts, echoing Chair Powell's ‘higher for longer’ policy. The Citibanamex survey shows most analysts expect a Banxico rate cut on June 27. Mexican Peso registers gains against the US Dollar on Wednesday during the North American session ahead of the release of the minutes of the last Federal Reserve monetary policy meeting.
63 The USD/MXN remains in a downtrend, though it seems to have bottomed out at around the 16.52/54 area during the week. The exotic pair has broken the 16.60 resistance level. Sellers’ momentum stalled as depicted by the Relative Strength Index , which stands in bullish territory but flat. If buyers lift the USD/MXN toward the 50-day Simple Moving Average at 16.76, it could exacerbate a rally toward the 100-day SMA at 16.91. Once cleared, the next supply zone would be the 17.
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