The Mexican Peso depreciated over 1.20% against the US Dollar in early trading on Wednesday as traders digested Mexico’s dismal Retail Sales report and awaited the release of a revision of US employment figures.
Mexican Peso weakens after INEGI reports sharp declines in June Retail Sales with inflation concerns looming. US Dollar strengthens following downward revision of Nonfarm Payrolls by 800K. Fitch warns of rising debt risks for Mexico ’s next administration with potential impacts on sovereign rating amid judicial reform controversy. The USD/MXN trades at 19.21 after bouncing off a daily low of 18.92. Wall Street traded in the green, portraying optimism among investors.
Technical analysis: Mexican Peso extends losses as USD/MXN climbs above 19.20 The USD/MXN uptrend remains intact and might continue, but stir resistance lies ahead. Momentum favors buyers with the Relative Strength Index remaining bullish. If the exotic pair extends its gains, the first resistance it would face would be 19.50. A breach of the latter will expose the psychological 20.00 figure, ahead of the year-to-date high of 20.22. On the flip side, on USD/MXN, there is further weakness.
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