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Mexican Peso soars against US Dollar as US business activity slows down

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Emergingmarkets,Mexico,Banxico

The Mexican Peso stages a comeback and rallies against the US Dollar in early trading during Tuesday’s North American session.

Mexican Peso capitalized on weaker-than-expected US economic output, uptick in risk appetite. Upcoming mid-month inflation data in Mexico could impact Banxico's rate decisions, with expectations leaning toward easing policy. The Citibanamex poll shows analysts expect Banxico to hold rates unchanged in May but could resume its easing cycle in June.

Technical analysis: Mexican Peso counterattacks as USD/MXN tumbles below 200-day SMA The Mexican Peso regained its previous strength as shown by the USD/MXN edging below the 200-day Simple Moving Average at 17.16, opening the door to challenge the 17.00 figure. If sellers push the exchange rate below the latter, they could test the 100-day SMA at 16.96. A breach of the latter will expose the 50-day SMA at 16.81. On the other hand, buyers need to conquer the 200-day SMA at 17.16.

 

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