Mexican Peso (MXN) halted the US Dollar (USD) advance on Friday after Thursday’s inflation report from the United States (US) spurred an overreaction
Mexican Peso stalled the USD/MXN rally towards 18.00, as the pair clings to losses of 0.02%. The University of Michigan consumer sentiment indicates growing pessimism amongst Americans as inflation expectations arise. Dovish comments from Fed officials, including Philadelphia Fed President Patrick Harker, suggest a rate hike pause. in the financial markets in concerns the US Federal Reserve could hike rates again.
A breach of that area could open the door to test the October 12 high at 18.08, followed by a rally to the 18.20 mark. Once cleared, the pair could aim toward the latest cycle high of 18.48. Conversely, the exotic pair could extend its losses if it stays below 18.00, with sellers targeting the 200-day Simple Moving Average at 17.76. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso is the most traded currency among its Latin American peers.
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