The Mexican Peso rallied sharply against the US Dollar as the USD/MXN fell below the 18.00 psychological figure on Monday, a level last seen on June 25.
Mexican Peso rallies as USD/MXN drops below 18.00 and hits lowest level since June 25. June’s CPI report, Consumer Confidence, and Industrial Production to shape Mexico 's economic outlook. Banxico minutes likely to signal patience on rate cuts amid steady inflation expectations. This signaled that Peso’s buyers remain committed to the so-called “carry trade,” which underpins the Mexican currency. Therefore, the exotic pair exchanged hands at 17.99, down 0.45%.
Further losses lie underneath at the 50-day Simple Moving Average at 17.56, followed by the 200-day SMA at 17.26. The next floor level would be the 100-day SMA at 17.17. For a bullish resumption, the USD/MXN must surpass 18.10, followed by a rally above the June 28 high of 18.59, so buyers can challenge the YTD high at 18.99. Conversely, sellers will need a drop below 18.00, which could extend the pair’s decline toward the December 5 high, which turned support at 17.
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