The Mexican Peso (MXN) trades either flat or edges lower in its key pairs on Monday as market sentiment sours and commodity prices sell-off on global growth fears.
The Mexican Peso trades flat or lower in its major pairs at the start of the new trading week. Global growth fears and the unwillingness of the Fed to lower borrowing costs are curbing enthusiasm and weighing on MXN. USD/MXN is still pulling back in the midst of a short and medium-term uptrend. The Mexican Peso trades either flat or edges lower in its key pairs on Monday as market sentiment sours and commodity prices sell-off on global growth fears.
USD/MXN Daily Chart A break above Friday’s high at 18.68 would provide additional confirmation of more upside towards the target at 19.22. The Relative Strength Index has just exited the overbought zone, which is a signal for traders to close their longs. This suggests a risk the correction could still go deeper. That said, the established uptrend is likely to resume eventually. The direction of the long-term trend is in doubt after the break above the October 2023 high.
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