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Mexican Peso strengthens for third day as US economic slowdown looms

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Mexico,Banxico,SEO

The Mexican Peso extended its gains for the third straight day on Thursday after evidence that the US economy is slowing down weakened the Greenback.

Mexican Peso registers gains third consecutive day, trading below 18.10 against the US Dollar. Weaker US economic data, including disappointing ADP Employment Change and rising unemployment claims, weigh on the Greenback. Bank of Mexico Deputy Governor Jonathan Heath echoes Fed's cautious stance on rate cuts, supporting the Peso.

Momentum hints that buyers lost steam as depicted by the Relatives Strength Index , which points downwards about to pierce the 50-neutral line despite remaining bullish. If USD/MXN drops further, the next target is the psychological level of 18.00. Breaking below this level would expose the next support at the December 5 high, which turned support at 17.56. Further decline aims for the 50-day Simple Moving Average at 17.37. Conversely, if buyers push the spot price above 18.

 

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