The Mexican Peso (MXN) depreciates sharply against the US Dollar (USD) on Monday as Mexico’s markets remain closed in the observance of Benito Juarez’s birth, a former President of Mexico.
Mexican Peso depreciates as local markets close for Benito Juarez’s birthday, USD/MXN aiming toward 16.80. Banxico is widely anticipated to reduce interest rates slightly amidst a focus on upcoming US economic data and the FOMC outcome. Attention turns to key economic reports and central bank decisions in Mexico and the US this week.
Technical analysis: Mexican Peso begins to weaken as USD/MXN aims toward 16.80 The USD/MXN is at the brisk of shifting neutral bias as buyers had stepped in at around the lows of the year and lifted the exchange rate near the 16.80 area. A breach of the latter could push the pair toward the 17.00 figure. Once surpassed, the next stop would be the 50-day Simple Moving Average at 17.02, followed by the 100-day SMA at 17.16 and the 200-day SMA at 17.21. On the flip side, if the pair stays below 16.
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