The Mexican Peso counterattacks registered solid gains versus the US Dollar on Friday as economic data from the United States (US) showed that inflation edged slightly up, while Mexico’s Trade Balance registered a trade deficit in March.
Mexican Peso strengthens against US Dollar, buoyed by positive market mood, mixed economic reports. US inflation remains hot as core PCE Price Index increases above March expectations. Mexico shows a deficit, yet Unemployment Rate drops, presenting mixed economic scenario.
Technical analysis: Mexican Peso appreciates, yet is on thin ice as USD/MXN approaches key level The Mexican Peso remains on the defensive despite the fact the USD/MXN edged below the 200-day Simple Moving Average at 17.16. If the exotic pair achieved a daily close below the latter, that would expose the April 25 low 17.01, followed by the 17.00 mark. A breach of the latter will expose the 50-day SMA at 16.81 before challenging last year’s low of 16.62.
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