USD/MXN hits weekly lows but Mexican peso slowly loses shine


  • Mexican peso continues to be among top performer, rally loses momentum. 
  • USD/MXN heads for third decline in-a-row holds above the 100-day SMA. 

The Mexican peso extended the rally on Tuesday that followed the decision of US President Trump to suspend tariffs to Mexican imports. The USD/MXN bottomed at 19.08 during the American session but then rose back above 19.10. 

As of writing point to 19.15 as equity prices in Wall Street and crude oil prices hit fresh daily lows. The shift in markets mood and some potential profit taking, favored the bounce to the upside in USD/MXN. 

The pair still trades significantly below the level it closed on Friday. A gap between 19.62 and 19.32 remains open. The positive momentum for the Mexican peso eased over the recent session. A daily close well below 19.13 (100-day moving average) could point to further losses but the rebound back above could suggest that the slide could take a pause over the next sessions. On the upside, resistance levels might be seen at 19.25 (20-day moving average) and 19.30. 

Data from the US and Mexico 

In the US, PPI data released today had no impact on markets. Wholesale inflation came as expected. On Wednesday, CPI numbers are due. 

In Mexico, the statistics institute INEGI published that the industrial output increased by 1.5% in April. It was the first increase in four months and could help the economy avoid recession after a contraction in GDP by 0.2% during the first quarter. 

The outlook for the Mexican economy continues to be dominated by uncertainty. Despite the agreement between the US and Mexico, last week rating downgrades to Pemex and Mexico’s debt, added to concerns. 

USD/MXN

Overview
Today last price 19.1444
Today Daily Change -0.0697
Today Daily Change % -0.36
Today daily open 19.2141
 
Trends
Daily SMA20 19.2619
Daily SMA50 19.0953
Daily SMA100 19.1415
Daily SMA200 19.3644
Levels
Previous Daily High 19.3289
Previous Daily Low 19.136
Previous Weekly High 19.8799
Previous Weekly Low 19.4667
Previous Monthly High 19.8284
Previous Monthly Low 18.7907
Daily Fibonacci 38.2% 19.2097
Daily Fibonacci 61.8% 19.2552
Daily Pivot Point S1 19.1238
Daily Pivot Point S2 19.0334
Daily Pivot Point S3 18.9309
Daily Pivot Point R1 19.3167
Daily Pivot Point R2 19.4192
Daily Pivot Point R3 19.5096

 

 


 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces off the lows as the market mood improves

EUR/USD is bouncing toward 1.18, recovering from the fall triggered by upbeat US jobs figures and escalating Sino-American tensions. Investors are eyeing the fiscal stimulus impasse in Washington after Trump's executive order and the market mood has somewhat improved.

EUR/USD News

GBP/USD recovering toward 1.31 as the dollar weakens

GBP/USD has recovered toward 1.31 as the dollar pares early gains amid the impasse in Washington over new fiscal stimulus. A survey showing that a third of UK employers may lay off workers is weighing on the pound.

GBP/USD News

XAU/USD retreats to $2030 after making a run to $2050

Gold prices spiked to the upside after the beginning of the American session but then pulled back erasing gains. XAU/USD jumped to $2049.70/oz, and as of writing, it trades at $2033, practically at the same level it closed on Friday.

Gold News

It is time for King Bitcoin

The crypto board starts the week stuck on critical levels. The war for dominance has been favorable to Ethereum for weeks, and the graphics seem to indicate that it's now Bitcoin's turn to win a few battles.

Read more

WTI: $42.30 is the level to beat for the bulls

WTI (futures on Nymex) climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures