The Mexican Peso stages a recovery against the US Dollar, printing gains of more than 1.50% on Wednesday following Mexican Finance Minister Rogelio Ramirez de la O’s press conference on Tuesday that attempted to calm the financial markets.
Mexican Peso gains over 1.50% Wednesday after peaking at 17.85 earlier. Finance Minister Rogelio Ramirez de la O reassures markets about financial discipline and investment facilitation. US economic data was mixed as ADP employment figures disappoint, while ISM Services PMI exceeds estimates. Although data from Mexico and the United States would warrant further upside, the pair seems to have stabilized after two days of volatile sessions following Sunday’s presidential election that saw Dr.
80% on Wednesday. However, Monday’s Japanese Marabuzo candlestick suggests that buyers are in charge and that the exotic pair might head back to levels below the already broken 200-day Displaced Moving Average near 17.16. The USD/MXN’s first resistance level would be the June 3 high at 17.74, followed by the 18.00 psychological level. Once surpassed, the next stop would be the year-to-date high of 18.19.
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