The Mexican Peso snapped three days of losses and climbed more than 0.10% against the US Dollar on Friday amid an improvement in risk appetite and softer-than-expected US data that weighed on the Greenback.
Mexican Peso recovers slightly, breaking three-day losing streak. Mexico 's wider April trade deficit and slower economic growth are reported by INEGI. Banxico minutes show division on rate cuts amid ongoing inflation, emphasizing commitment to price stability. US Durable Goods Orders beat expectations, but March's figures are revised down heavily. At the time of writing, the USD/MXN trades at 16.69, down 0.17%.
The exotic pair retreated afterward, down some 365 pips and back below the psychological 16.70 mark. Momentum is on the sellers’ side as the Relative Strength Index aims downward in bearish territory. Due to seller strength, the path of least resistance is downward. The pair would meet its next support at 16.62, the 2023 low, followed by the May 21 cycle low at 16.52 and the year-to-date low of 16.25. Conversely, if buyers reclaim 16.70, they must clear the 100-day SMA at 16.
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