Mexican Peso edges down after recovering over the past five trading days, exchanging hands at 18.41 against the US Dollar. Political developments, including judiciary reform, weigh on sentiment, sparking flows out of the Peso. Fed officials maintain cautious stance on inflation, affecting market expectations on monetary policy. A scarce economic docket in Mexico and the United States leaves the emerging market currency leaning on political developments. The USD/MXN trades at 18.41, up 0.08%.
29 as momentum shows buyers are in charge. The Relative Strength Index is bullish above the 50-neutral line, hinting that bullish momentum is intact. For a bullish continuation, the USD/MXN must clear 18.50 if buyers want to retest the year-to-date high of 18.99. A breach of the latter will expose the March 20, 2023, high of 19.23. If cleared, that will sponsor an uptick to 19.50, ahead of the psychological 20.00 mark. Conversely, if sellers push prices below the April 19 high of 18.
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Source: FXStreetNews - 🏆 14. / 72 Read more »