The Mexican Peso begins Thursday’s session on the backfoot against the Greenback as investors turn risk-averse, while the Greenback remains bid and trims some of Wednesday’s losses.
Mexican Peso plummets more than 1% as USD/MXN trades above 17.90. Fitch reaffirms Mexico 's BBB- rating, highlighting judicial reform and fiscal deficit concerns. US unemployment claims rise, boosting the US Dollar Index above 104.00, gaining 0.25%. The USD/MXN trades at 17.92, 1.30 % above its opening price. Mexico ’s economic docket remains absent, leaving traders adrift to market mood and US Dollar dynamics.
90 figure after bouncing around the above-mentioned area, putting into play a test of the psychological 18.00 mark. Momentum changed and favored buyers as the Relative Strength Index aimed upward and pierced above its neutral line, hinting that bulls are stepping in. If USD/MXN extends its gains above the psychological 18.00 figure, that will expose key resistance levels. Once breached, the next stop would be the July 5 high at 18.19, followed by the June 28 high of 18.
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