The Mexican Peso extends its losses against the Greenback on Tuesday on risk aversion due to US President-elect Donald Trump’s first appointments to his cabinet.
Mexican Peso tumbles following Trump’s appointments of Mike Waltz and Marco Rubio. Banxico expected to cut rates by 25 bps amid heightened US-Mexico tensions. Upcoming US inflation and Retail Sales data to impact USD/MXN currency pair. Trump’s campaign proposals of increasing tariffs and lowering taxes are inflation-prone, which would exert pressure on the Federal Reserve to keep rates higher than otherwise. At the time of writing, the USD/MXN trades at 20.62, gaining 1.38%.
80 reached on November 6. If surpassed, the next resistance would be the psychological 21.00 figure, followed by the March 8, 2022 peak at 21.46. Conversely, sellers must push the exchange rate to the 20.00 figure, if they would like to challenge the 50-day Simple Moving Average at 19.70. On additional weakness, the USD/MXN next support would be the psychological figure at 19.50, followed by the October 14 low of 19.23.
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