Mexican Peso edges lower ahead of Banxico’s policy decision

Mexican Peso remains weaker despite positive economic data. Banxico expected to keep rates unchanged with Citibanamex survey indicating most economists forecast no rate cut until Q3 2024. US data shows higher than expected Q1 GDP, lower unemployment claims, and stronger Durable Goods Orders, boosting USD. The Mexican Peso prints minimal losses in early trading during the North American session as traders brace for the monetary policy decision of the Bank of Mexico , scheduled for 19:00 GMT.

Despite that, momentum is in favor of buyers as the Relative Strength Index suggests that bulls are in control. For a bullish continuation, buyers need to push the USD/MXN exchange rate past the psychological 18.50 level. Once cleared, the next stop would be the year-to-date high of 18.99, followed by the March 20, 2023, high of 19.23, followed by an uptick to 19.50. On the flip side, if USD/MXN tumbles below the April 19 high turned support at 18.15, that will pave the way toward 18.00.

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