The Mexican Peso begins the week on a higher note and appreciates modestly against the US Dollar in a week characterized by a busy economic docket in Mexico.
Mexican Peso appreciates, trading at 16.90 against US Dollar, a 0.26% decline for USD/MXN amid a busy economic week. Mexico ’s key economic events include Consumer Confidence and auto data, the Consumer Price Index and Banxico ’s policy decision. External factors like the US employment report's impact and upcoming US economic data could further sway the USD/MXN exchange rate. The highlights of the week would be Mexico ’s inflation report and the Bank of Mexico monetary policy decision.
00 From a technical standpoint, the USD/MXN continues to trend lower with sellers gathering momentum as shown by the Relative Strength Index . The RSI shifted bearish, justifying the recent strength of the Mexican currency, but there’s some key levels to breach before the pair extends to new yearly lows. If USD/MXN tumbles below the 50-day Simple Moving Average at 16.81, that could pave the way to challenge the 2023 low of 16.62, followed by the current year-to-date low of 16.25.
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