The Mexican Peso remains on the defensive against the US Dollar on Wednesday as investors brace for the Bank of Mexico (Banxico) monetary policy decision on Thursday.
Mexican Peso dips, USD/MXN rises 0.12% as market eyes key economic data and Banxico rate decision. Anticipated April inflation drop may prompt Banxico to consider cutting rates from 11.00% to 10.75%. US Fed officials, including Susan Collins and Neel Kashkari, urge caution in rate policy, impacting cross-border sentiment. The Mexican Peso remains on the defensive against the US Dollar on Wednesday as investors brace for the Bank of Mexico monetary policy decision on Thursday.
Technical analysis: Mexican Peso treads water as USD/MXN clings to 16.90 The USD/MXN downtrend remains in place, as stir resistance lies above the current exchange rate. Even though the Relative Strength Index suggests that buyers are gathering momentum, they must clear key supply zones before the pair turns bullish. The first resistance would be the 100-day Simple Moving Average at 16.93, followed by the 17.00 mark.
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