The Mexican Peso recovered some ground against the US Dollar on Wednesday as traders braced for a busy economic docket in the United States (US).
Mexican Peso edges up 0.50% against the US Dollar as traders await the Fed eral Reserve's policy announcement. Mexico 's Q1 2024 GDP growth slows to 1.6% year-over-year, falling short of expectations and the previous quarter's growth rate. Mixed US PMI data contrasts with stronger-than-expected ADP employment figures. The Mexican Peso recovered some ground against the US Dollar on Wednesday as traders braced for a busy economic docket in the United States .
USD/MXN technical analysis: Mexican Peso regains control, USD/MXN dives below 200-day SMA The Mexican Peso trims some of its Tuesday’s losses, as the USD/MXN struggled to crack the 200-day Simple Moving Average at 17.17, turning lower toward the 17.00 figure. If sellers push the price below that level, immediate support emerges at the 100-day SMA at 16.94, followed by the 50-day SMA at 16.81 before challenging last year’s low of 16.62.
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