- Mexican Peso remains strong, the best performance during the last seven days.
- USD/MXN heads for lowest close in a month, looking at 23.25/30.
The USD/MXN pair dropped to 23.44, hitting the lowest intraday since April 15. Then, it quickly rose back above 23.50 and writing, trades at 23: 55 hours, down to 3.50% from the level it had a week ago.
The Mexican peso continues to stand out, and has been the biggest gainer over the past seven days, among the most traded currencies. The key factor has been the improvement of market sentiment. Wall Street has been posting mixed results Tuesday, but is up more than 3% seven days ago.
A slide in the US dollar has also weakened, the USD/MXN pair. Despite the rally in USD/JPY, the DXY has dropped 0.20%, off lows after the rebound in the week and the bottom. The Economic data for the US published on Tuesday, and while reviews the and Mnuchin’s testimony have been largely ignored by the market participants.
Short-term levels of
The USD/MXN pair rebounded from the bottom, to find the strength to 23.65. “Biases continue to point toward the downside as long as it holds under 24.10/20. So far, the pair remains supported by the 23.50 area. A consolidation under 23.45, would open the way to 23.20.