The Mexican Peso appreciated against the US Dollar at the beginning of the week, gaining 0.39% during the North American session.
Mexican Peso continues its upward trend for the fourth consecutive day amid favorable risk sentiment. Banxico ’s recent rate cut to 10.25% reflects ongoing inflation concerns with forecasts adjusted to 4.7% end for 2024. Moody’s adjustment of Mexico’s credit outlook to negative highlights potential fiscal and economic challenges from judicial reforms. Traders monitor potential impact of Trump’s economic policies on Fed’s rate decisions.
30 The USD/MXN uptrend remains intact with the Peso gaining some territory. If bears want to regain control, they must push the exchange rate below 20.00. A breach of the latter would expose the 50-day Simple Moving Average at 19.75, followed by the psychological 19.50. For a bullish continuation, the USD/MXN must surpass 20.50, followed by last week’s high at 20.69. If surpassed, the year-to-date high of 20.80 emerges as the next ceiling level before testing 21.00.
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