The Mexican Peso retreats on Monday after posting solid gains of over 1.50% last week against the Greenback, with the latter posting decent gains ahead of a busy economic docket in the United States.
Mexican Peso pulls back after gaining over 1.50% last week, pressured by weaker Consumer Confidence. Banxico Governor Rodriguez justifies recent 25 bps rate cut amid 3-2 split decision, citing transitory inflation effects. Market focus shifts to key US inflation and retail sales data, USD gains momentum ahead of the releases. Meanwhile, Consumer Confidence in Mexico dipped in July, which could be a prelude to the ongoing economic slowdown. The USD/MXN trades at 18.96 and gains over 0.80%.
00, the next resistance would be 19.50, followed by the key 20.00 mark. A decisive break will expose the YTD high at 20.22, followed by the 20.50 mark. Conversely, and in the most unlikely scenario in the short term, the USD/MXN’s first support would be the August 9 low 18.76. If surpassed, the next demand zone would be the June 28 peak at 18.59, followed by the psychological 18.50 mark.
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