The Mexican Peso prolonged its agony and extended its losses to four straight days against the Greenback after data showed that inflation is coming down; but it remains above the Bank of Mexico’s (Banxico) 2 to 4% goal.
Mexican Peso extends losses, pressured by inflation still above Banxico 's 2-4% goal despite recent declines. Economic data shows deceleration in Mexico ’s GDP, hinting at potential for further rate adjustments by Banxico . US Dollar strengthens amid strong labor market data and Fed officials signaling potential rate cuts in September.
50 figure. If that level is surpassed, the Peso could lose additional ground, as the exotic pair could aim toward 20.00, followed by the year-to-date high of 20.22. Conversely, if USD/MXN drops below 19.00, sellers could enter the market and drive the exchange rate toward the 50-day Simple Moving Average at 18.48. Further losses are seen once the pair slumps below 18.00, challenging the 100-day SMA at 17.75.
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