The Mexican Peso extended its losses against the US Dollar for the second straight day, following hawkish remarks by Federal Reserve (Fed) Chair Jerome Powell and dovish remarks by Bank of Mexico Governor Victoria Rodriguez Ceja.
Mexican Peso drops down for second day, losing 0.24%. Powell's cautious inflation remarks and potential for ongoing tight policy boost USD, aided by high April PPI. Contrasting Powell, Banxico 's Ceja hints at possible rate cuts, contributing to Peso's decline ahead of June 27 meeting.
” Technical analysis: Mexican Peso falls as USD/MXN rises above 16.80 The USD/MXN downtrend remains in play, even though buyers lifted the pair above Friday’s close, which could pave the way for a leg up. In the near term, momentum remains bearish, but the Relative Strength Index aiming upward suggests that buyers are in charge. At the time of writing, the USD/MXN is shy of conquering the 100-day Simple Moving Average at 16.92. Once cleared, the next supply zone would be the 17.
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