- Mexican peso ends week little change versus US dollar around 19.10.
- Next week: Banxico meeting, Fed talk and US retail sales.
The USD/MXN is hovering around 19.10, around the same level it had a week ago. The pair continues to move sideways, consolidating after the bearish run from above 20.00 toward a long term trendline, around 19.00.
The improvement in risk sentiment helped limit the upside over the week in the USD/MXN while on the downside, a stronger US dollar amid higher US yields, added support. The tone around US/China trade talks and expectations regarding US monetary policy continue to be a relevant driver. The Mexican peso was unaffected by the current turmoil in several Latin American countries.
Next week, several FOMC officials are scheduled to speak. Those speeches could have an impact on Fed rate expectations. Data to be released in the US includes the retail sales report. In Mexico, the critical event is the Board meeting of the central bank. Banxico is likely to cut rates again. If delivers a 25bps cut, the focus will be on the statement and the votes, looking at hints for the future.
The USD/MXN continues to trade in a range, with a strong support around 19.00, a confluence of a horizontal level, recent lows and a long-term uptrend line. A consolidation below would likely clear the way for a test of the 2019 low at 18.74.
On the upside, the key resistance lies at 19.20/25 that capped the upside over the last few days; also the 20-day moving average stands there. A daily close above 19.25 would strengthen the outlook of the US dollar.
|Today last price||19.11|
|Today Daily Change||-0.0231|
|Today Daily Change %||-0.12|
|Today daily open||19.1331|
|Previous Daily High||19.2025|
|Previous Daily Low||19.0903|
|Previous Weekly High||19.246|
|Previous Weekly Low||19.0176|
|Previous Monthly High||19.8623|
|Previous Monthly Low||19.0176|
|Daily Fibonacci 38.2%||19.1332|
|Daily Fibonacci 61.8%||19.1596|
|Daily Pivot Point S1||19.0814|
|Daily Pivot Point S2||19.0298|
|Daily Pivot Point S3||18.9692|
|Daily Pivot Point R1||19.1936|
|Daily Pivot Point R2||19.2542|
|Daily Pivot Point R3||19.3058|
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.