Mexican Peso (MXN) is trimming some of its Monday gains against the US Dollar (USD) after a tranche of economic data from the United States (US) spurr
Mexican Peso is on the defensive, as the USD/MXN trades at around 17.90. Mexico’s economic calendar is light, with August’s Retail Sales awaited on Friday. Robust US Retail Sales and Industrial output lift US Dollar amid Fed Rate hike speculation. ed a jump in US Treasury bond yields, which lifted the Dollar. Therefore, the USD/MXN reclaimed the psychological 18.00 figure, though it has retreated and hovers around 17.91, still posting gains of 0.25%.
Technical Analysis: Mexican Peso drops as technical signs support a USD/MXN bullish bias The Mexican Peso is trimming some of its Monday gains, but it remains below the 18.00 figure, maintaining its upward bias, unless the USD/MXN drops below the 200-day Simple Moving Average at 17.75. In that case, the exotic pair could aim towards 17.50, followed by the 50-day SMA at 17.35. Contrarily, if the pair could re-test the 18.00 figure, which once broke, the pair could rally and test 18.20.
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