The Mexican Peso recovered some ground against the Greenback on Tuesday after touching a two-month low, shrugging off worse-than-expected data that hinted at the economy slowing down.
Mexican Peso recovers despite INEGI reporting a sharp decline in August economic activity, reinforcing IMF’s lowered 1.5% growth forecast. Mid-month inflation data due Wednesday is expected to decrease slightly with headline inflation projected to drop. Fed officials remain cautious on rate cuts with traders watching for further guidance from Fed speakers and US jobs data later this week. Federal Reserve officials continued to grab the headlines on the US front amid a scarce economic schedule.
USD/MXN technical outlook: Mexican Peso recovers as USD/MXN tumbles under 19.90 The USD/MXN uptrend remains in place despite dipping to a daily low of 19.76. Momentum shows buyers are losing pace as depicted by the Relative Strength Index . However, the RSI remains bullish, an indication that the exotic pair might consolidate before printing a leg-up. If USD/MXN clears the 20.00 figure, the next resistance would be the September 5 high at 20.14 and the year-to-date high at 20.22.
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