The Mexican Peso trimmed some losses against the US Dollar on Friday, yet it’s set to end the week with over 2% losses.
Mexican Peso trims losses but still set for over 2% weekly decline. US PCE Price Index signals steady inflation, boosting Fed rate cut expectations. Judiciary reform talks in Mexico start August 1, stirring economic and political concerns. The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures Price Index, came as expected annually and rose a tenth in core monthly figures. The USD/MXN trades at 18.39, down 0.28%.
Momentum shows bulls are in charge, with the Relative Strength Index standing above the 50 neutral line. For a trend acceleration, buyers need to clear the 18.50 figure. Once done, the next resistance would be the year-to-date high at 18.99. A breach of the latter will expose the March 20, 2023, peak at 19.23 before challenging 19.50. Conversely, if USD/MXN retreated beneath 18.00, that would pave the way to challenge the 50-day Simple Moving Average at 17.74, the first support level.
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