The Mexican Peso stabilized against the US Dollar on Monday, following remarks from outgoing President Andres Manuel Lopez Obrador.
Mexican Peso erased its earlier losses yet remains fragile after hitting 14-month low of 18.65 earlier. Political turmoil in Europe and Mexico 's domestic reforms contribute to emerging market currency volatility. USD/MXN traders focus on upcoming US CPI data and FOMC decision, expected to trigger volatility in the pair. Nevertheless, Morena’s Party leader Mario Delgado insisted on AMLO’s reforms submitted in February of 2024, a headwind for the emerging market currency.
Technical analysis: Mexican Peso appreciates, but the bias shifted bearish The USD/MXN remains bullishly biased even though the rally stalled after hitting a multi-month high of 18.65, which sponsored a leg down toward the current exchange rate. Last Friday, I wrote, a fifth daily close above a four-year-old downslope resistance trendline drawn from all-time highs at around $25.77, which was broken on Monday. That could be the last nail in the coffin for the Mexican Peso's strength.
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