The Mexican Peso clung to gains against the US Dollar on Thursday after economic data showed the country’s economy remains robust.
Mexican Peso remains stable against US Dollar alongside solid April Retail Sales data. Political uncertainty over AMLO's judiciary reforms limits further gains, with key announcements expected from President-elect Sheinbaum. US housing sector weakens and softer jobs data emerge. Fed's Kashkari suggests disinflation may take a year or two. However, political uncertainty about a pending judiciary reform caps the emerging market currency's advance. The USD/MXN exchanges hands at 18.
Momentum supports buyers as the Relative Strength Index remains bullish. For a bullish continuation, the USD/MXN must clear 18.50 if buyers want to retest the year-to-date high of 18.99. A breach of the latter will expose the March 20, 2023, high of 19.23. If that price is cleared, this will sponsor an uptick to 19.50, ahead of the psychological 20.00 mark. Conversely, if sellers push prices below the April 19 high of 18.15, the exotic pair will be kept within the 18.00-18.15 range.
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