The Mexican Peso regains some composure and rallies against the Greenback as market participants await the US Federal Reserve’s (Fed) monetary policy decision.
Mexican Peso gains 0.88% against the USD as USD/MXN trades at 18.59. Weaker-than-expected US labor data heightens expectations for a Fed rate cut in September. Banxico 's Deputy Governor suggests gradual rate cuts amid Mexico 's slowing economic growth. The Mexican Peso regains some composure and rallies against the Greenback as market participants await the US Fed eral Reserve’s monetary policy decision.
The Relative Strength Index shows momentum falling steeply, meaning sellers are moving in anticipation of the Fed’s decision. This and the USD/MXN clearing the June 28 peak at 18.59 could pave the way for a deeper pullback. That said, USD/MXN's first support would be the 18.50 level. Once surpassed, the next stop would be the psychological 18.00 mark, followed by the 50-day Simple Moving Average at 17.97. On the flip side, if buyers lift the exotic pair above 18.
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