Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ MXN attracts selling interest, vulnerable to more downside

• USD/MXN slipped sharply lower on Monday  as Mexican Peso was buoyed by    President-elect Donald Trump's tariff policy.

•According to a Monday Washington Post article, Trump's advisers are considering tariff measures that would apply to all nations but only cover essential imports.

• On the data front, Mexico's unemployment rate rose marginally to 2.6% in November 2024, up from 2.5% in October, but stayed below the anticipated 2.7%.

• The peso stands out as a leading emerging market currency, supported by favorable trade dynamics and robust domestic economic growth.

• At GMT 16:37, the dollar was down 1.66% against the dollar Mexico's peso   at 20.277

•  Immediate resistance is located at 20.414 (38.2%fib), any close above will push the pair towards 20837(23.6%fib).

•  Support is seen at 20.242(Daily low) and break below could take the pair towards 20.060(50%fib).

Recommendation: Good to sell  around 20.350, with stop loss of 20.600 and target price of 20.150

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.