The Mexican Peso (MXN) is trading mixed on Tuesday after plummeting temporarily at the end of last week, but then reverting to mean after fears of an escalation in the conflict in the Middle East abated.
The Mexican Peso trades mixed as global Purchasing Manager Indices for April are released. Mexican Economic Activity data failed to inject much volatility into the Peso on Monday. The short-term uptrend looks vulnerable to breakdown. The Mexican Peso is trading mixed on Tuesday after plummeting temporarily at the end of last week, but then reverting to mean after fears of an escalation in the conflict in the Middle East abated.
Technical Analysis: USD/MXN short-term uptrend vulnerable USD/MXN continues to trade below a major trendline for the long-term downtrend, despite briefly breaking above the line last week during the highly volatile reaction to the Israel-Iran conflict. The brief piercing of the trendline and spike higher reversed the short-term and intermediate-term downtrends but not the longer-term trend, which remains bearish.
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