Mexican Peso regains ground, trading at 16.98 against the US Dollar following Banxico Deputy Governor's comments on maintaining high rates. Banxico Deputy Governor Jonathan Heath indicates possible fine adjustments to interest rates to combat persistent inflation. Fed Chair Jerome Powell hinting at prolonged high US rates due to stagnant inflation progress.
Technical analysis: Mexican Peso cuts some losses but remains pressured The USD/MXN daily chart suggests the pair shifted to a neutral/upward bias as the Mexican currency tumbles and depreciates past the 17.00 figure. However, buyers must keep the pair above the 100-day Simple Moving Average at 16.97, to remain hopeful of higher prices. That would the 17.00 figure in sight, followed by the current weekly high of 17.08. Once surpassed, the next stop would be the 200-day SMA at 17.
Source: Loan Digest (loandigest.net)
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