The Mexican Peso weakens after posting back-to-back bullish days, dropping over 0.44% against the Greenback as mixed US economic data and a holiday in Mexico keep trading conditions thin.
Mexican Peso depreciates and reverses weekly gains amid mixed US economic reports. US Producer Price Index climbs to highest level since June, fueling discussions on inflation trends. The Fed is expected to cut interest rates by 25 basis points next week. The USD/MXN trades at 20.20 after bouncing off around weekly lows of 20.09. US factory gate inflation increased in November, according to the US Bureau of Labor Statistics.
However, demand for US Dollar weighed on the Peso and lifted the pair back to the 20.20 mark. Momentum remains tilted to the downside as depicted by the Relative Strength Index . But sellers must push the USD/MXN below 20.00, which will clear the path for lower exchange rates. In that outcome, the USD/MXN next support would be the 100-day Simple Moving Average at 19.68, ahead of 19.50. On further weakness, the pair could test the October 4 swing low of 19.10, ahead of 19.00.
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