Mexican Peso Benefits from USD Weakness, Shrugs Off Banxico Cut

The Mexican Peso (MXN) gained over 0.1% against the US Dollar (USD) on Monday, capitalizing on broad USD weakness. The risk-off sentiment and Banxico’s recent

The Mexican Peso (MXN) gained over 0.1% against the US Dollar (USD) on Monday, capitalizing on broad USD weakness. The risk-off sentiment and Banxico’s recent rate cut did little to deter MXN bulls.

Key Factors:

USD Weakness Prevails: The USD’s general decline across the board bolsters the MXN.
Banxico Comments: Banxico Governor Victoria Rodriguez Ceja emphasizes that the rate cut doesn’t signal the end of the inflation battle.
Mixed Fed Signals: Conflicting views from Fed officials on future rate cuts offer limited impact on the USD/MXN.

Technical Outlook:

Bearish Momentum: The USD/MXN continues its downward bias after hitting last week’s high at 16.94, with potential for further losses.
Key Support: A break below the year’s low of 16.64 could pave the way for a test of 16.62 (last year’s low) and potentially 16.32 (October 2015’s low).
Bullish Case: Reclaiming the week’s high of 16.94 and the 17.00 level could signal a shift. Resistance lies at the 50-, 100-, and 200-day SMAs.

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