USD/MXN rebounds to near 16.60 ahead of ISM Services PMI data

USD/MXN edges higher ahead of key economic data from the United States.
Mexico’s Business Confidence remained consistent at 54.3 in February.
The US Dollar could appreciate due to reducing expectations for a Fed interest rate cut in June.

Akhtar Faruqui FXStreet

USD/MXN rises to near 16.60 during the European trading hours on Wednesday. The National Statistics Agency (INEGI) reported that Business Confidence remained unchanged at 54.3 in February, maintaining high levels last seen nearly eleven years ago. However, investment prospects improved to 48.5 from 47.2, though they remain pessimistic.

The Mexican Peso (MXN) strengthened as growth in Mexico's manufacturing sector remained steady in March, contributing to undermining the USD/MXN pair. Traders will be closely monitoring the release of Gross Fixed Investment figures on Wednesday, followed by the publication of the latest meeting minutes for the Bank of Mexico (Banxico).

The steady performance of the US Dollar (USD) is contributing to the hawkish price action of the USD/MXN pair. Market sentiment is shifting, with reduced expectations for a Federal Reserve (Fed) interest rate cut in June. This has led to elevated US Treasury bond yields, favoring USD bulls.

On Tuesday, US February JOLTS Job Openings surpassed market expectations, rising to 8.756 million from the previous figure of 8.748 million. Additionally, Factory Orders rebounded with a 1.4% month-on-month increase in February, following a 3.8% decline in the prior reading.

In the United States (US), investors are focusing on the ADP Employment Change and ISM Services PMI data scheduled for release on Wednesday. Furthermore, Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech on the US economic outlook at the Stanford Business, Government, and Society Forum in Stanford.

USD/MXN

Overview
Today last price	16.5873
Today Daily Change	0.0326
Today Daily Change %	0.20
Today daily open	16.5547

Trends
Daily SMA20	16.7142
Daily SMA50	16.944
Daily SMA100	17.0413
Daily SMA200	17.1942

Levels
Previous Daily High	16.6545
Previous Daily Low	16.545
Previous Weekly High	16.7703
Previous Weekly Low	16.5116
Previous Monthly High	17.0655
Previous Monthly Low	16.5116
Daily Fibonacci 38.2%	16.5869
Daily Fibonacci 61.8%	16.6127
Daily Pivot Point S1	16.515
Daily Pivot Point S2	16.4753
Daily Pivot Point S3	16.4055
Daily Pivot Point R1	16.6245
Daily Pivot Point R2	16.6942
Daily Pivot Point R3	16.7339

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

GBP/USD climbs to two-day highs past 1.3200

GBP/USD picks up extra pace and surpasses the 1.3200 threshold on Thursday. That said, Cable manages to shrug off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD softens toward 13‑month low near 1.1350 as rising US PCE inflation lifts US Dollar

The EUR/USD pair loses ground to around 1.1365 during the early Asian trading hours on Friday. The major remains near a 13-month low as market expectations for US interest rate hikes have risen. Traders brace for the release of the Michigan Consumer Sentiment Index report, which will be released later on Friday.

Gold drifts lower as Hormuz risks revive USD demand

Gold struggles to build on the overnight bounce from its lowest level since November 2025 as geopolitical risks stemming from an attack on a cargo vessel in the Strait of Hormuz support the US Dollar. Meanwhile, mostly in-line US inflation data eased bets for Fed rate hikes this year, capping the USD and helping the non-yielding bullion to hold above $4,000 during the Asian session. Nevertheless, the commodity remains on track to record losses for the fourth consecutive week.

Uniswap adds $150M in Spark stablecoin liquidity, launches no-code token auction tool

Uniswap received $150 million in stablecoin liquidity from Spark, with the assets set to transition to DualPool, a new custom liquidity hook, according to an announcement on Thursday. Under the new setup, liquidity providers will be able to earn swap fees while their underlying assets continue generating yield, eliminating the need to choose between the two.

Micron prints perfect, and now the chart has to answer

Memory’s biggest name just delivered the cleanest quarter of its life, and the most interesting thing about it is that the stock isn’t sure what to do with it. Micron closed out fiscal Q3 with revenue of $41.5 billion, up 346% on the year, a fifth straight record. Gross margin came in at 84.9%, up from 39% the same quarter a year ago. Earnings landed at $25.11 against a Street sitting near $20.49.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.