The Mexican Peso stages a comeback on Friday against the US Dollar (USD) after both central banks, the Federal Reserve (Fed) and the Bank of Mexico (Banxico), decided to respectively hold and cut interest rates amid their separate disinflation evolutions.
Mexican Peso strengthens as USD/MXN declines below key support level after recent central bank rate announcements. Banxico's split decision to cut rates to 11.00% provides a nuanced outlook, contributing to the Peso's resilience. Mexico's economic performance shows contraction in January and high inflation data. Banxico underscores a data-dependent approach, aiming for a 3% inflation target by the second quarter of 2025.
Technical analysis: Mexican Peso treads water as USD/MXN accelerates to 16.80 The USD/MXN daily chart suggests that buyers are losing momentum, with the pair posed to test lows last seen in 2015. Buyers' failure to conquer the 17.00 figure following Banxico’s rate cut suggests supply is higher than demand. In that scenario, the exotic pair's first support level would be the current year-to-date low of 16.64, followed by last year’s cycle low at 16.62 and October 2015’s of 16.32.
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