Mexican Peso tanks over 1% against USD ahead of inflation report

The Mexican Peso dropped sharply during Tuesday’s North American session, losing more than 1.00% against the Greenback, which registers mild gains amid falling US Treasury bond yields.

Mexican Peso drops sharply, trading at 18.09, with market focus on upcoming inflation and GDP data. Mexico 's economy decelerates, with retail sales missing expectations, fueling a bleak outlook. Banxico expected to cut rates by 25 basis points in August, with economists revising year-end USD/MXN forecast to 18.80. Market participants expect the release of Mexico ’s mid-month inflation figures on Wednesday.

00 The USD/MXN has reclaimed the 18.00 figure, and it seems to continue to edge higher after posting a ‘shooting star’ bear candle. Seller’s failure to cap spot prices beneath 18.00 could pave the way for a re-test of the June 28 peak at 18.59, but there would be some resistance areas between current levels and the latter. The USD/MXN first resistance would be 18.50, followed by the aforementioned. In the outcome of a decisive break, the next resistance would be the year-to-date high at 18.99.

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