The Mexican Peso traded with minuscule losses against the US Dollar on Monday and is down 0.29% as risk appetite deteriorates based on weak China data and political uncertainty in Europe.
Mexican Peso down 0.29% amid risk aversion on weak China data and European political uncertainty. Banxico 's verbal intervention last week stabilized the Peso, central bank remains vigilant on currency volatility. Upcoming economic data from Mexico expected to show economic slowdown.
50 The USD/MXN uptrend remains intact, even though it has hovered near 18.50 for the last three trading days. Momentum supports buyers as the Relative Strength Index remains bullish after exiting overbought territory. That said, if buyers achieve a daily close above 18.50, that could pave the way for further upside. Once buyers reclaim 18.50, the next resistance level would be the year-to-date high of 18.99, followed by the March 20, 2023, high of 19.23.
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