The Mexican Peso recovered ground against the US Dollar and rallied more than 1% on Friday after the Bank of Mexico (Banxico) decided to keep rates unchanged due to “idiosyncratic factors” and the Peso’s depreciation following the June 2 general election results.
Mexican Peso rebounds to 18.24 vs. US Dollar following Banxico 's decision to maintain 11.00% rate. Decision aligned with recent inflation data, targeting 3% inflation by Q4 2025. Inflation risks heightened by service sector, cost pressures, Peso fall and geopolitical tensions.
This is depicted by the Relative Strength Index pointing downward though still remaining bullish, suggesting the pullback could be short-lived. For a bearish continuation, sellers need to reclaim the April 19 high turned support at 18.15, which would pave the way toward 18.00. The next support would be the 50-day Simple Moving Average at 17.37 before testing the 200-day SMA at 17.23. On the other hand, if buyers achieve a decisive break above the psychological 18.
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