The Mexican Peso (MXN) fluctuates between tepid gains and losses on Tuesday as many traders wait on the sidelines for key inflation data and the Bank of Mexico (Banxico) policy meeting decision on “super” Thursday.
The Mexican Peso is seesawing between tepid gains and losses ahead of the Banxico meeting on Thursday. Mexican April inflation data out on the same day could also cause volatility. Analysts at Trium Capital believe there is a higher chance of an interest-rate cut than markets are pricing in. The Mexican Peso fluctuates between tepid gains and losses on Tuesday as many traders wait on the sidelines for key inflation data and the Bank of Mexico policy meeting decision on “super” Thursday.
USD/MXN 4-hour Chart The short-term trend is sideways, and given the old trading maxim that the “trend is your friend”, this is expected to continue. Despite several attempts to break below the range floor, bearish pressure was insufficient and prices recovered back inside the range. There is an overall bearish backdrop, however, given that the medium and long-term trends are both down and these bigger currents influence the shorter-term perspective.
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