The Mexican Peso recovered some ground against the Greenback on Wednesday, yet it remains strongly influenced by political turmoil in Mexico linked to the judiciary reform and President Andres Manuel Lopez Obrador's decision to “pause” relations with the US and Canadian Embassies.
Mexican Peso strengthens despite judiciary reform and AMLO's diplomatic pause with US and Canadian embassies. Focus on Banxico ’s Q2 report and Fiscal Balance data this Friday amid a light economic calendar. USD/MXN spikes near 19.80 due to political worries despite a weakening US Dollar post-Powell dovish Jackson Hole remarks.
Momentum favors buyers as seen by the Relative Strength Index . On further USD/MXN strength, the pair could challenge the current week-to-date high of 19.79. A breach of the latter will expose 20.00, followed by the year-to-date high at 20.22 and the psychological 20.50 supply area. Conversely, if USD/MXN tumbles below 19.50, this could expose the 19.00 figure. Further losses lie beneath that level, opening the door to test the August 19 low of 18.
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