The Mexican Peso recovered and appreciated for the third consecutive trading day against the US Dollar as investors braced for the Bank of Mexico's (Banxico) next monetary policy decision on Thursday.
Mexican Peso appreciates for third consecutive day, hits daily low below 18.00 against US Dollar. June’s mid-month inflation data shows core figures declining, while general inflation expands but stalls compared to May. Analysts revise Banxico rate cut expectations from June to August, with Citibanamex survey adjusting USD/MXN forecast from 18.00 to 18.70.
00 figure could pave the way to challenge the 50-day Simple Moving Average at 17.37 before testing the 200-day SMA at 17.23. Once those two levels are cleared, the next stop would be the 100-day SMA at 17.06. Although momentum shows sellers are in charge, the Relative Strength Index remains above the 50-neutral line. That said, traders should be cautious about whether the USD/MXN could reverse its ongoing downtrend. For a bullish continuation, the USD/MXN must clear 18.
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