The Mexican Peso advanced against the US Dollar during the North American session after the Conference Board (CB) revealed that Consumer Confidence in the United States (US) deteriorated.
Mexican Peso strengthens after US Consumer Confidence deteriorated. Mexico’s inflation fell below estimates in September, with core inflation easing under 5%, boosting expectations for a 25 bps rate cut by Banxico on Thursday. Analysts expect Banxico to lower rates from 10.75% to 10.50%, citing falling inflation, weaker economic activity and Fed easing.
50 range for the seventh consecutive day. Investors seem to be waiting for Banxico’s decision, though an “ascending wedge” is forming, implying further downside. The Relative Strength Index suggests that sellers gather momentum as the RSI punches below its neutral line. Therefore, the path of least resistance is skewed to the downside. If USD/MXN tumbles below the September 23 low of 19.29, it will expose the confluence of the 50-day Simple Moving Average and the September 18 low near 19.
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