The Mexican Peso is against the ropes versus the Greenback on Friday, with the latter recovering some ground even though the US Federal Reserve (Fed) cut rates on Thursday.
Mexican Peso weakens on fears of Trump-imposed tariffs on Mexican imports. Banxico expected to cut rates by 25 bps as inflation approaches 3% target. Upcoming US and Mexico economic data, including consumer confidence and Banxico decision, may add to Peso’s volatility. The Mexican Peso is against the ropes versus the Greenback on Friday, with the latter recovering some ground even though the US Federal Reserve cut rates on Thursday.
USD/MXN technical outlook: Mexican Peso tumbles again as USD/MXN rises above 20.00 As mentioned throughout the whole week, the USD/MXN bias is upwards, and the correction post-November 5 seems to be reversed. Sellers had lost steam, and buyers re-emerged at around 19.70, pushing the exotic pair above 20.00. If buyers reclaim 20.50, the two-year peak hit at 20.80 would be exposed. Once those two levels are surpassed, 21.00 would be up next, followed by the March 8 peak at 21.46.
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