Financial Digest

Mexican Peso gains for third straight day ahead of Banxico decision

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 25 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

USDMXN News

Mexico,Banxico,Inflation

The Mexican Peso recovered and appreciated for the third consecutive trading day against the US Dollar as investors braced for the Bank of Mexico's (Banxico) next monetary policy decision on Thursday.

Mexican Peso appreciates for third consecutive day, hits daily low below 18.00 against US Dollar. June’s mid-month inflation data shows core figures declining, while general inflation expands but stalls compared to May. Analysts revise Banxico rate cut expectations from June to August, with Citibanamex survey adjusting USD/MXN forecast from 18.00 to 18.70.

00 figure could pave the way to challenge the 50-day Simple Moving Average at 17.37 before testing the 200-day SMA at 17.23. Once those two levels are cleared, the next stop would be the 100-day SMA at 17.06. Although momentum shows sellers are in charge, the Relative Strength Index remains above the 50-neutral line. That said, traders should be cautious about whether the USD/MXN could reverse its ongoing downtrend. For a bullish continuation, the USD/MXN must clear 18.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Banxico Governor assures market stability amid Mexican Peso volatilityBank of Mexico (Banxico) Governor Victoria Rodriguez Ceja commented on Wednesday that the central bank has the tools to intervene in the markets and restore market order after the Mexican Peso depreciated more than 9% following the June 2 election.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Mexican Peso recovery falters as investors shrug off Banxico’s intervention warningThe Mexican Peso (MXN) trades between half a percent and one percent lower in its most traded pairs on Friday as markets continue to fret about the proposed policies of Mexico’s newly elected left-wing government.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Mexican Peso bottoms out as Obrador says Peso is backed by “strong economy”The Mexican Peso (MXN) seesaws between tepid gains and losses on Thursday after bottoming out at an 18-month low due to politically-inspired market jitters.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Mexican Peso holds gains on Thursday amid robust economic dataThe Mexican Peso clung to gains against the US Dollar on Thursday after economic data showed the country’s economy remains robust.
Source: FXStreetNews - 🏆 14. / 72 Read more »