FxWirePro: USD/ MXN runs out of steam but maintains bullish outlook

• USD/ MXN eased   on Monday  as the dollar's global rally stalled   after U.S. President-elect Donald Trump nominated Wall Street veteran Scott Bessent as Treasury secretary.

• On Friday evening, former President Donald Trump announced that he would nominate prominent investor Bessent as the next U.S. Treasury Secretary. This news led to a drop in both the U.S. dollar and Treasury yields, providing a boost to emerging market assets.

.• Looking ahead, the minutes from Mexico's central bank (Banxico) policy meetin, are set to be released on Thursday. This rate cut suggests the bank may be shifting toward a more accommodative stance to support economic growth.

• At GMT 16:19, Mexico's peso   was down 0.4% against the dollar  .

•  Immediate resistance is located at 20.452 (Daily high), any close above will push the pair towards 20.550 (23.6%fib).

•  Support is seen at 20.277(38.2%fib) and break below could take the pair towards 20.277 (SMA 21).

 Recommendation: Good to buy around 20.220, with stop loss of 20.000 and target price of 20.500