Mexican Peso (MXN) selling pressure continues, with the emerging market currency losing ground against the US Dollar (USD) early in the North American
Mexican Peso is marking over 5% weekly losses as US Nonfarm Payrolls outperform analysts' estimates. Mexico's encouraging data fails to lift the Peso’s amid government regulatory changes. Rumors of Tesla’s Giga factory cancellation and airport tariff changes amplify investor apprehension in Mexico. session. The USD/MXN pair climbed to a seven-month high of 18.48, shy of testing the psychological 18.50 price level.
Banxico’s Government Board highlighted Mexico’s economic resilience and the strong labor market as the main drivers to keep inflation at the current interest rate level. Technical Analysis: Mexican peso at the brisk of testing 18.50 The daily chart shows that the Mexican Peso is set to extend its losses. The USD/MXN pair has hit a new cycle high at 18.48, putting into play a challenge of the psychological 18.50 figure, which could extend towards the April 2018 yearly low of 18.60.
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