The Mexican Peso prints minuscule gains against the US Dollar on Thursday after the release of economic data from Mexico and the United States (US).
Mexican Peso is slightly up versus the US Dollar on cautious trading as Consumer Confidence deteriorates. Decrease in Mexico 's Consumer Confidence and Manufacturing PMI slowdown highlight challenges amid Banxico 's rate adjustments. Remittances remain a key support for the Peso, overshadowing near-shoring gains amid broader economic considerations.
50, unable to break below that level decisively, which could pave the way to test the October 2015 low of 16.32. Further downside is seen at the 16.00 figure. On the flip side, If USD/MXN bulls stepped in, they must reclaim 16.70. Once cleared, the next resistance would be the 50-day Simple Moving Average at 16.91, with further upside seen at the 100-day SMA at 17.02, ahead of the 200-day SMA at 17.18.
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