The Mexican Peso extended its agony and printed losses of more than 0.80% against the Greenback after the preliminary release of the Gross Domestic Product (GDP) for Q2 2024.
Mexican Peso slumps to weekly low of 18.81 as disappointing GDP data sparks USD buying. Mexican Q2 GDP growth at 0.2% QoQ, below estimates of 0.4%, trails Q1's 0.3%. Economic slowdown increases odds of Bank of Mexico rate cut; next meeting on August 8. The Mexican Peso extended its agony and printed losses of more than 0.80% against the Greenback after the preliminary release of the Gross Domestic Product for Q2 2024. It was slightly below estimates and trailed the first quarter reading.
If USD/MXN surpasses the YTD high at 18.99, that could open the door to test 19.00. Once surpassed, the next resistance would be March 20, 2023, peaking at 19.23 before challenging 19.50. Conversely, if USD/MXN retreats below 18.00, it would pave the way to challenge the 50-day Simple Moving Average at 17.93, the first support level. The next support would be the latest cycle low of 17.58, the July 12 high turned support. A breach of this level will expose the January 23 peak at 17.38.
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