Mexican Peso holds steady against US Dollar after US PPI data

Mexican Peso trims some weekly losses as USD/MXN stays virtually unchanged. Mexico's Industrial Production contracts, underscoring economic challenges, while US producer prices suggest softening inflation. Fed officials' comments on inflation and monetary policy decisions reflect a cautious optimism. Further economic data from Mexico and the United States keeps the exotic pair within familiar levels, though the downtrend remains intact. The USD/MXN trades at 16.43, virtually unchanged.

50 The USD/MXN daily chart depicts the pair consolidating near 16.40, with buyers still unable to crack the current week’s high achieved on Wednesday at 16.52. Once that area is breached, the next supply zone to challenge would be the 16.62 mark, followed by the 50-day Simple Moving Average at 16.85 and the 100-day SMA at 16.99. Failure at 16.50 and the USD/MXN could tumble to October’s 2015 low of 16.32 before retesting the year-to-date low of 16.25.

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Mexican Peso falls against strong US Dollar as FOMC meeting loomsThe Mexican Peso depreciated in early trading during the North American session as the US Dollar climbed some 0.25%, based on the US Dollar Index (DXY).
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