The Mexican Peso erased its earlier gains and dropped to a four-day low before recovering some ground against the Greenback on Tuesday after Consumer Confidence figures in Mexico deteriorated, while US Treasury bond yields rose.
Mexican Consumer Confidence plunges to its lowest since August 2024, impacting Peso performance. Banxico remains dovish with potential rate cuts on the horizon following recent dips in inflation. US Dollar finds support from a rise in Treasury yields with the 10-year yield climbing to 4.24%. The USD/MXN trades at 20.23, virtually unchanged.
The Relative Strength Index depicts momentum shifted to the downside in the near term, which could pave the way for further downside. In that outcome, if USD/MXN drops below 20.00, the next support would be the 100-day SMA at 19.61 before testing the psychological 19.50 mark, ahead of the 19.00 figure. Conversely, if USD/MXN soars above the December 6 high of 20.28, that could pave the way to challenge 20.50, ahead of the year-to-date peak at 20.82, followed by the 21.00 mark.
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