The Mexican Peso rose in early trading in the North American session on Thursday after the Instituto Nacional de Estadistica Geografia e Informatica (INEGI) revealed that the Consumer Price Index (CPI) in July rose above estimates ahead of the Bank of Mexico's (Banxico) monetary policy decision.
Mexican Peso accelerates on high inflation data. Market participants divided on Banxico 's next move: hold or cut rates. US jobless claims arrive below consensus, but Peso resists USD strength. The Mexican Peso rose in early trading in the North American session on Thursday after the Instituto Nacional de Estadistica Geografia e Informatica revealed that the Consumer Price Index in July rose above estimates ahead of the Bank of Mexico 's monetary policy decision. The USD/MXN trades at 19.
08 as traders begin to price in Banxico keeping rates unchanged, clearing key support levels as the pair accelerated to the 19.00 psychological mark. Momentum remains in favor of buyers, but in the near term the Relative Strength Index shows sellers have the upper hand. If USD/MXN drops below 19.00, the next support would be the July 31 high at 18.94, before dropping to the August 1 low of 18.42. Once cleared, further losses await, with the 50-day Simple Moving Average up next at 18.26.
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