The Mexican Peso rallied sharply against the Greenback on Thursday following the approval of the judiciary reform on Tuesday.
Mexican Peso climbs after judiciary reform approval with state-level voting underway to finalize the constitutional change. Moody’s warns the reform could threaten Mexico’s judicial independence and impact the country’s credit rating. Mixed US economic results reduce likelihood of a 50 bps Fed rate cut with upcoming US Consumer Sentiment data in focus. US economic data showed mixed readings, with an uptick in factory inflation and soft jobs data. The USD/MXN trades at 19.60, down almost 1%.
This is despite the approval of an unwelcome judicial reform that foreign investors, banks and credit agencies opposed. In the meantime, the USD/MXN is headed to the downside in the short term. The first support would be the 19.50 area. Once cleared, the next support would be the August 23 swing low of 19.02, shy of the 50-day Simple Moving Average at 18.99. Conversely, the USD/MXN must clear the psychological 20.00 figure for a bullish continuation.
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