Mexican Peso erases its gains, likely to consolidate below 18.35
Mexican Peso erased its previous gain against US dollar and supported around 18.23 levels. Yesterday within a minute, Mexican Peso appreciated sharply around 544.7 pips against US dollar. The sudden move came just after …
Mexican Peso erased its previous gain against US dollar and supported around 18.23 levels.
Yesterday within a minute, Mexican Peso appreciated sharply around 544.7 pips against US dollar.
The sudden move came just after the Bank of Mexico raised its overnight target rate by 50bps to 3.75% and announced direct FX intervention on Wednesday.
In addition, free fall of oil prices and strong US dollar are responsible for the persistent decline of the Peso.
Intraday bias remains bearish for the moment.
Initial support levels are seen at 18.21, 18.01 and 17.84 levels.
On the other side, resistance levels are seen at 18.35, 18.48 and 18.72 marks.
