The Mexican Peso depreciated against the US Dollar following the release of an inflation report in the United States (US) on Wednesday.
Mexican Peso weakens as higher-than-anticipated US inflation figures might deter Fed from easing policy Rising US Treasury yields and a strengthening US Dollar contribute to Peso depreciation. USD/MXN's ascent underscores heightened economic vigilance, with traders eyeing potential moves towards the 17.00 mark. The Mexican Peso depreciated against the US Dollar following the release of an inflation report in the United States on Wednesday.
50 After diving to a new nine-year low near 16.25, the USD/MXN recovered some ground as the pair aimed above 16.40 and approached the psychological 16.50 area. Once that level is cleared, further upside is seen at last year’s 16.62 mark, followed by the 50-day Simple Moving Average at 16.85 and the 100-day SMA at 16.99. Failure at 16.50 and the USD/MXN could tumble to October’s 2015 low of 16.32 before retesting the year-to-date low of 16.25.
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