The Mexican Peso extended its rally for the seventh consecutive session on Wednesday after inflation got close to 5%, which might deter the Bank of Mexico (Banxico) from easing policy at the upcoming monetary policy meeting in August.
Mexican Peso strengthens for seventh session with USD/MXN down 0.44%, sparked by high inflation. Banxico Deputy Governor Borja adopts neutral stance, despite emphasizing that policy is restrictive. Banxico ’s minutes to address disinflation forces, growth disappointments, and potential downside risks in upcoming meeting.
85 The USD/MXN continued to extend its losses past June 24, the latest cycle low of 17.87, which could pave the way for a deeper correction. Momentum has abruptly shifted in bears’ favor, an indication that sellers will drive the exotic pair price action lower. If the downtrend continued, the next support would be the confluence of the December 5 high and the 50-day Simple Moving Average at around 17.56/57, followed by the 200-day SMA at 17.26.
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