USD/MXN back to the consolidation range, Mexican peso not ready to extend gains


  • Mexican peso fails to hold to gains despite the rally in stocks. 
  • USD/MXN back to the range after being rejected from under 19.10. 

The USD/MXN bounced back to 19.15 from the weekly lows, erasing daily losses. The Mexican peso weakened across the board during the American session despite risk appetite and rising crude oil prices

Stocks rallied globally while bond yields declined drastically driven by unexpectedly dovish comments from ECB officials supporting market’s expectations for easier monetary policies from both the ECB and the Fed and slight relief on US-China trade frictions,” wrote BBVA analysts. The improvement in sentiment boosted Latin American currencies. Among them was the Mexican peso but it changed its trend. 

The pair bottomed at 19.04, the lowest levels in almost three weeks and rebounded. As of writing trades at 19.15, marginally lower for the day and back into the range between 19.10 and 19.20 that has been in place since last Tuesday. 

The Mexican peso today pushed USD/MXN below the lower bottom, but it was rejected, and the pair rose back above. Last week and yesterday, it traded on top of 19.20 for a few moments, but it was unable to hold on top. 

The pair continues to move sideways around 19.15, consolidating the slide that followed the sharp decline on the back of Trump’s announcement of no tariffs to Mexican imports. 

USD/MXN

Overview
Today last price 19.162
Today Daily Change -0.0138
Today Daily Change % -0.07
Today daily open 19.1758
 
Trends
Daily SMA20 19.2755
Daily SMA50 19.0992
Daily SMA100 19.1471
Daily SMA200 19.361
Levels
Previous Daily High 19.2139
Previous Daily Low 19.1283
Previous Weekly High 19.3289
Previous Weekly Low 19.087
Previous Monthly High 19.8284
Previous Monthly Low 18.7907
Daily Fibonacci 38.2% 19.1812
Daily Fibonacci 61.8% 19.161
Daily Pivot Point S1 19.1314
Daily Pivot Point S2 19.087
Daily Pivot Point S3 19.0458
Daily Pivot Point R1 19.217
Daily Pivot Point R2 19.2583
Daily Pivot Point R3 19.3027

 

 

 

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