The Mexican Peso advanced against most currencies on Tuesday, particularly the US Dollar, after Federal Reserve (Fed) Chairman Jerome Powell delivered remarks perceived as dovish by market participants.
Mexican Peso rallies after dovish remarks from Fed Chair Powell. Powell highlights progress on US inflation, hints at balanced risks. Banxico Governor Rodriguez Ceja suggests possible future rate cuts as disinflation persists. Banxico survey adjusts GDP, policy outlook down, forecasts 2024 USD/MXN rate at 18.73 from 17.80.
If USD/MXN tumbles further, the next stop would be the psychological 18.00 figure. Once cleared, the next support level would be the December 5 high turned support at 17.56 before sliding toward the 50-day Simple Moving Average at 17.37. On the flip side, if buyers lift the spot price above 18.50, that will exacerbate a rally toward the June 28 high of 18.59 if they would like to extend their gains and challenge the year-to-date high of 18.99.
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