The Mexican Peso loses some ground versus the US Dollar on Tuesday as the Mexican Congress begins its General Session ahead of President-Elect Claudia Sheinbaum's swearing-in ceremony.
Mexican Peso on the front foot following as Sheinbaum’s take office. Traders await President-Elect Claudia Sheinbaum’s inaugural remarks. Stronger than expected US JOLTS data and Powell’s comments support a bullish bias in USD/MXN. The Mexican Peso appreciated sharply against the Greenback on Tuesday after President Claudia Sheinbaum took office and delivered her first speech in the Mexican Congress.
This means that the exotic pair could test higher prices in the near term. If USD/MXN clears the psychological 20.00 figure, the next resistance would be the YTD peak of 20.22. Further strength will expose the September 28, 2022, high of 20.57, followed by the 21.00 mark. Conversely, If USD/MXN drops below 19.50, the next support would be the September 24 swing low of 19.23 before the pair moves toward the September 18 low of 19.06. Once those levels are surpassed, the 19.
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