The Mexican Peso weakened against the US Dollar on Tuesday as the financial markets resumed trading at full strength.
USD/MXN climbs more than 1%, fueled by strong US economic indicators. Minneapolis Fed President Neel Kashkari hints at continued rate hikes, expects only two cuts in 2024. Upcoming US PCE data and Mexico 's General Elections poised to impact USD/MXN pair. A light economic calendar in Mexico keeps traders leaning on the dynamics of the Greenback, which was boosted by hawkish Fedspeak along with renewed optimism from American consumers. The USD/MXN trades at 16.81, gaining 1.05%.
76. Momentum shows that bulls are gaining traction, as the Relative Strength Index is about to pierce above the 50-midline to turn bullish. Buyers decisively surpassing the 100-day SMA at 16.70 could open the door for further gains. The next resistance would be the 50-day SMA at 16.89, the psychological figure at 17.00, and the 200-day SMA at 17.14.
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