FxWirePro: USD/MXN dips as soft NFP print sparks dovish Fed expectations

• USD/MXN dipped  on Friday as dollar weakened softer-than-expected U.S. nonfarm payroll (NFP) data

•  U.S. job growth slowed sharply, and the unemployment rate rose to 4.3%, signaling a softening labor market and boosting expectations for a Federal Reserve rate cut this month.

• Nonfarm payrolls rose by just 22,000 in August, following an upwardly revised 79,000 gain in July, the Labor Department reported Friday in its closely watched employment release.

• Traders now see almost a 100% chance of a Fed rate cut later this month, up from 87% last week, according to CME FedWatch.

• At GMT 16:50 ,the dollar   was down 0.11  % at 18.694 against Mexican peso.

•  Immediate resistance is located at 18.900 (Higher BB), any close above will push the pair towards 18.991(38.2%fib).

• Support is seen at 18.554(23.6%fib) and break below could take the pair towards 18.449(Lower BB).

Recommendation: Good to buy around 18.600 with stop loss of 18.000 and target price of 18.900