• Disappointing macroeconomic data releases from the US weigh on US Dollar.
  • Fed’s Mester: Rates must peak above 5% and hold there for a while.
  • Mexican Retail Sales missed estimates, according to INEGI, though

The Mexican Peso (MXN) gains ground vs. the US Dollar (USD) and hovers around the 18.0000 figure for the first time in two days. A deceleration in the US, namely the labor market, housing, and manufacturing activity, in Philadelphia, spurred concerns about the status of the economy. At the time of writing, the USD/MXN is trading at 17.9910.

USD/MXN drops as US data discouraged investors from buying US Dollars

Despite a dented market sentiment, the USD/MXN continues to dive. US Initial Jobless Claims for the latest week rose above expectations, signaling that the labor market is easing. At the same time, the Philadelphia Fed Manufacturing Index was reported, which plunged to -31.3 beneath March’s -23.3, a headwind for the American Dollar (USD).

The US housing market continues to deteriorate as Existing Home Sales dropped -2.4% MoM, from 13.8% in February, which appeared to signal that housing had bottomed.

Fed policymakers continued another round of appearances in the media, led by the Cleveland Fed President Loretta Mester. She commented that she is happy with the progress on inflation though she reiterated that it’s too high. She expects rates to be above 5%, adding that the US economy is headed for slow growth, which could turn into a recession.

Retail Sales fell far more than expected on the Mexican front, according to the national statistics agency known as INEGI. Figures on a monthly bases dropped 0.3% vs. estimates of 0.2%, while annually rose by 3.4%, beneath estimates of 4%.

USD/MXN Technical Level

USD/MXN

Overview
Today last price 18.0016
Today Daily Change -0.0464
Today Daily Change % -0.26
Today daily open 18.048
 
Trends
Daily SMA20 18.164
Daily SMA50 18.3443
Daily SMA100 18.7876
Daily SMA200 19.3825
 
Levels
Previous Daily High 18.1531
Previous Daily Low 18.033
Previous Weekly High 18.2844
Previous Weekly Low 17.9753
Previous Monthly High 19.2324
Previous Monthly Low 17.8977
Daily Fibonacci 38.2% 18.0789
Daily Fibonacci 61.8% 18.1072
Daily Pivot Point S1 18.003
Daily Pivot Point S2 17.9579
Daily Pivot Point S3 17.8829
Daily Pivot Point R1 18.1231
Daily Pivot Point R2 18.1982
Daily Pivot Point R3 18.2433

 

 

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