The Mexican Peso depreciated against the US Dollar as sentiment shifted sour on Thursday.
Mexican Peso on defensive as USD/MXN is back above 17.00. Mexican economic growth estimated at 2.1% YoY in March, but market focus shifts to upcoming Retail Sales data. US Treasury yields increase following lower-than-expected unemployment rate and strong Philly Fed Manufacturing Survey. Treasury yields in the United States are rising following the release of a subdued US jobs report.
Data from the Chicago Board of Trade suggests that traders expect the Fed funds rate to finish 2024 at 5.00%, up from 4.95% a day ago. Technical analysis: Mexican Peso tumbles sharply as USD/MXN buyers eye 200-day SMA The USD/MXN has shifted neutral to upward bias, with buyers aiming to test the 200-day Simple Moving Average at 17.16. Momentum has shifted in favor of the buyers as the Relative Strength Index has broken above the 60 level, with some room before turning overbought.
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