The Mexican Peso recovered ground against the US Dollar on Monday amid thin volume conditions as Wall Street remained closed in observance of Memorial Day.
Mexican Peso recovers ground against the US Dollar, trading at 16.64, down 0.09%. Mexican economic data reveals an April trade deficit and a Q1 2024 Current Account deficit totaling $-12,582 million. Traders await US core PCE Price Index, softer results may increase prospects for 2024 rate cuts. A scarce Mexican economic docket during the week leaves traders awaiting the release of the core Personal Consumption Expenditures Price Index on Friday, the Federal Reserve’s preferred inflation gauge.
62, the 2023 low, followed by the May 21 cycle low at 16.52 and the year-to-date low of 16.25. On the flip side, if buyers reclaim 16.70, they will need to surpass the 100-day SMA at 16.76 to extend gains. In that scenario, key resistance levels include the 50-day SMA at 16.89, the psychological figure of 17.00, and the 200-day SMA at 17.14. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso is the most traded currency among its Latin American peers.
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