The Mexican Peso (MXN) is up by around a quarter of a percent on Thursday in its key pairs as a positive risk tone prevails and helps support the sentiment-sensitive Peso.
The Mexican Peso extends its recovery into a second day supported by broad risk appetite. The rebound started following market-soothing comments from the Mexican Finmin that the new government would act responsibly. USD/MXN approaches 17.34, a key support level. The short-term directional bias is unclear. The Mexican Peso is up by around a quarter of a percent on Thursday in its key pairs as a positive risk tone prevails and helps support the sentiment-sensitive Peso.
It is possible to argue that the short-term trend has reversed, however, such was the strength of the moves up on Monday and Tuesday that it could also be argued that bulls continue to have the edge. What is clear is that there are no signs yet that the correction lower has found a floor. A key battleground for bulls would be at 17.54, the June 4 higher low, which is known as a “Bearish Breaker”. The future direction of the short-term trend could be decided depending on who prevails at 17.
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