The Mexican peso continues to rise again the US dollar and today it reached a fresh 4-month high. USD/MXN dropped below 19.00 for the first time since the US presidential election.
The pair bottomed at 18.97 and it was hovering slightly below 19.00. The greenback weakened today against emerging market currencies. Also, the recovery in crude oil prices helped the Mexican peso.
At the moment the pair is holding below a strong support psychological area that is the 19.00 handle, and also around that level, a medium-term uptrend line stands. If USD/MXN consolidates below current levels it could open the doors to an extension of the decline.
Light calendar, Banxico next week
From the fundamental side, no economic data from the US was released today. Regarding data, the biggest day of the week will be on Friday with the durable goods order report.
In Mexico, the mid-March CPI index will be released on Thursday and retail sales data on Friday. “Inflation is still above target, but the firmer peso should help limit price pressures going forward. As such, we believe the bank will remain on hold this month as the economy remains sluggish”, said analysts from Brown Brothers Harriman.
The next meeting of the Bank of Mexico will be March 30. Some analysts point to a rate hike while others expect the central bank to remain on hold.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD turns south toward 0.6500 amid renewed US Dollar buying
AUD/USD is back in the red, easing toward 0.6500 early Wednesday amid the mixed Chinese inflation data. The pair gives up the RBA's surprise on-hold decision-led uptick once again as Trump's planned tariffs on Copper act as a headwind for the resources-linked Aussie. The US Dollar resurgence also weighs on the pair ahead of Fed Minutes.

USD/JPY climbs above 147.00 on USD strength, US-Japan trade woes
USD/JPY regains traction and climbs above 147.00 in Asian trading on Wednesday. US President Trump's latest tariff threats unnerve markets and prop up the haven demand for the US Dollar, aiding the renewed upside in the major. Further, the pair benefits from the US-Japan trade stand-off as it undermines the Japanese Yen.

Gold: More downside in the offing as tariff talks, Fed Minutes loom
Gold price is battling $3,300, licking its wounds early Wednesday. Traders refrain from placing fresh bets on the bright metal, awaiting fresh trade updates and the Minutes of the US Federal Reserve June policy meeting for fresh directives.

Cronos surges 20% on inclusion in Trump Media's Blue Chip ETF
Crypto.com's native token Cronos saw double-digit gains on Tuesday following Trump Media and Technology Group's filing with the Securities & Exchange Commission to launch a Blue Chip exchange-traded fund.

New US tariffs target Asia, but some countries stand to gain
President Trump’s new tariffs are higher than expected for most Asian economies. Moreover, most countries will face additional tariff rates on transshipments. The new announcements are silent on Singapore, India and the Philippines, which might stand to benefit from tariff concessions if negotiations progress favourably.

Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.