The Mexican Peso depreciated against the Greenback on Thursday, with the latter extending its gains for the second straight day on robust US data.
Mexican Peso declines as Banxico cuts 2024, 2025 GDP forecast. Political unrest over judiciary reform and dismantling of autonomous bodies further pressures the Peso. Banxico sees inflation reaching 3% target by late 2025, with growth risks skewed downward due to slowing US economy. Meanwhile, the emerging market currency dropped after the Bank of Mexico revised Mexico ’s growth expectations to the downside for the rest of 2024, according to its quarterly report. The USD/MXN trades at 19.
From a technical standpoint, the uptrend remains intact as the Peso, although it has achieved some positive days, continues to register more significant losses. The Relative Strength Index suggests that buyers are in charge. The RSI is still bullish but not in overbought territory. Therefore, the path of least resistance is to the upside. The USD/MXN first resistance would be 20.00. A breach of that level will expose the year-to-date high at 20.
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