The Mexican Peso begins the week on a lower note versus the US Dollar, tumbling 0.57% after strong economic data from the United States (US) that could prevent the Federal Reserve (Fed) from cutting borrowing costs.
Mexican Peso drops as a reflection of investor reaction to upbeat US manufacturing figures and a surge in Treasury yields. Mexico's manufacturing sector shows stability, but stronger US economic outlook overshadows domestic positive data. Despite interest rate differential favoring Mexican Peso, hints emerge of possible Banxico rate cuts. The Mexican Peso begins the week on a lower note versus the US Dollar, tumbling 0.
” Technical analysis: Mexican Peso at risk of shifting neutral as USD/MXN hovers around 16.65 The USD/MXN daily chart depicts that buyers lifted the exchange rate to a new four-day high of 16.67. Yet they still need to achieve a daily close above last year’s low of 16.62 before moving to test the 50-day Simple Moving Average at 16.95. Further upside is seen at the 100-day SMA at 17.05, ahead of the 200-day SMA at 17.19.
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