7 Jun 2013
USD/MXN rebounds from 12.7000
FXstreet.com (Barcelona) - The Mexican peso is sharply appreciating against its northern neighbour on Friday, dragging the USD/MXN to session lows around 12.7000 after the Banxico left the refi rate unchanged.
Stronger MXN on Banxico, CPI
The Mexican central bank kept the lending benchmark intact at 4.0%, broadly in line with market expectations and somehow neutralizing the effects of better Payrolls in the US economy during May. Further data in the Aztec economy showed that consumer prices expanded at an annual rate of 4.65%, marginally higher than the 4.63% previous. As of writing, the pair is down 0.45% at 12.7463.
Short-term key levels
A breach of 12.6867 (MA200d) would bring 12.6101 (low May 30) and finally 12.4622 (MA21w). On the flip side, resistance levels align at 12.9016 (high Feb.260 followed by 12.9370 (high Jun.6) and then 12.9454 (high May 31).
Stronger MXN on Banxico, CPI
The Mexican central bank kept the lending benchmark intact at 4.0%, broadly in line with market expectations and somehow neutralizing the effects of better Payrolls in the US economy during May. Further data in the Aztec economy showed that consumer prices expanded at an annual rate of 4.65%, marginally higher than the 4.63% previous. As of writing, the pair is down 0.45% at 12.7463.
Short-term key levels
A breach of 12.6867 (MA200d) would bring 12.6101 (low May 30) and finally 12.4622 (MA21w). On the flip side, resistance levels align at 12.9016 (high Feb.260 followed by 12.9370 (high Jun.6) and then 12.9454 (high May 31).