Mexican Peso depreciates more than 1.8%, driven by Middle East tensions and robust US economic data. The IMF cuts Mexico 's growth forecast, expecting tighter fiscal policies ahead. Mexico aims to reduce its fiscal deficit by half through major spending cuts, potentially dampening growth. Market eyes upcoming Mexico ’s Retail Sales data and comments from Fed Chair Powell.
00 The USD/MXN daily chart shows that the pair has shifted to a neutral/upward bias as the Mexican currency tumbles and depreciates past the 17.00 figure. On its way north, the pair has broken key resistance levels. These include the 50 and 100-day moving averages , each at 16.81 and 17.03, which could pave the way for further upside. The next resistance would be the 200-DMA at 17.16. Once cleared, that could pave the way to challenging the January 17 high at 17.38 before testing the 17.
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