Mexican Peso surges for ninth day, hits five-week high against USD

The Mexican Peso extended its rally for the ninth consecutive trading day against the Greenback on Friday following the release of Mexico’s Industrial Product figures and June’s US inflation data on the producer side.

Mexican Peso extends gains as USD/MXN reaches 17.68 after hitting five-week low of 17.62. Mexico ’s Industrial Production rebounds in May, indicating resilience amid economic slowdown. Banxico minutes suggest potential rate adjustments, while US producer inflation rises and consumer sentiment deteriorates. The USD/MXN trades at 17.68, refreshing five-week lows of 17.62.

Technical analysis: Mexican Peso capitalizes USD weakness as USD/MXN drops below 17.70 The USD/MXN continues to slip further, with traders eyeing a test of the 17.50 psychological level. Momentum remains on the seller's side, as depicted by the Relative Strength Index , though key support levels in the exotic pair will be tested soon. If USD/MXN drops below 17.60, the next support would be the confluence of the December 5 high and the 50-day Simple Moving Average near 17.

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