26 Jan 2015
USD/MXN testing lows around 14.5600
FXStreet (Edinburgh) - The Mexican peso is gaining ground vs. its neighbor north of the border, dragging USD/MXN to session lows in the 14.5600 area.
USD/MXN lower on USD weakness
The greenback is trading on a generalized soft tone today, allowing a rebound in the risk-associated universe with spot coming down from session tops in the 14.70 region. The peso gained extra oxygen after retail sales in the Aztec economy expanded at a monthly pace of 0.8% in November and 1.2% over the last twelve months.
Next on tap in the US docket will be the critical FOMC meeting on Wednesday, while the Banxico will decide on its rates on Thursday (currently at 3.0%).
USD/MXN levels to consider
As of writing the pair is down 0.55% at 14.5772 with the next support at 14.5540 (low Jan.16) ahead of 14.3770 (low Dec.17 2014) and then 14.2292 (50-d MA). On the upside, a surpass of 14.6914 (21-d MA) would open the door to 14.8697 (Banxico Intervention level) and finally 14.9940 (high Jan.6).
USD/MXN lower on USD weakness
The greenback is trading on a generalized soft tone today, allowing a rebound in the risk-associated universe with spot coming down from session tops in the 14.70 region. The peso gained extra oxygen after retail sales in the Aztec economy expanded at a monthly pace of 0.8% in November and 1.2% over the last twelve months.
Next on tap in the US docket will be the critical FOMC meeting on Wednesday, while the Banxico will decide on its rates on Thursday (currently at 3.0%).
USD/MXN levels to consider
As of writing the pair is down 0.55% at 14.5772 with the next support at 14.5540 (low Jan.16) ahead of 14.3770 (low Dec.17 2014) and then 14.2292 (50-d MA). On the upside, a surpass of 14.6914 (21-d MA) would open the door to 14.8697 (Banxico Intervention level) and finally 14.9940 (high Jan.6).