22 Aug 2013
USD/MXN keeps… falling
FXstreet.com (Edinburgh) -The Mexican peso is finally appreciating against its northern neighbour on Thursday, dragging the USD/MXN to test session lows below 13.1000 so far.
USD/MXN boosted by data
Very disappointing data from the Aztec economy earlier in the week, with Q2 GDP contracting 0.7% inter-quarter and a deeper than expected contraction of the retail sales on Wednesday have plotted against the peso and helped the pair to climb to 8-week highs around 13.3000. The recent USD bull run post-FOMC was also helping in the upside, albeit losing some steam today after traders digested the statement. “If the negative data continues, it will of course put a cut by Banxico back in play. For now, however, we very much doubt any easing is forthcoming, especially given the selloff in the currency”, commented analysts at BBH Global Currency Strategy Team
USD/MXN key levels
The pair is now losing 1.02% at 13.1256 with the next support at 13.0860 (high Aug.19) followed by 12.9055 (MA10d) and finally 12.8642 (cloud top). On the flip side, a break above13.2580 (high Jun.26) would open the door to 13.2950 (high Aug.21) and then 13.3070 (high Aug.22).
USD/MXN boosted by data
Very disappointing data from the Aztec economy earlier in the week, with Q2 GDP contracting 0.7% inter-quarter and a deeper than expected contraction of the retail sales on Wednesday have plotted against the peso and helped the pair to climb to 8-week highs around 13.3000. The recent USD bull run post-FOMC was also helping in the upside, albeit losing some steam today after traders digested the statement. “If the negative data continues, it will of course put a cut by Banxico back in play. For now, however, we very much doubt any easing is forthcoming, especially given the selloff in the currency”, commented analysts at BBH Global Currency Strategy Team
USD/MXN key levels
The pair is now losing 1.02% at 13.1256 with the next support at 13.0860 (high Aug.19) followed by 12.9055 (MA10d) and finally 12.8642 (cloud top). On the flip side, a break above13.2580 (high Jun.26) would open the door to 13.2950 (high Aug.21) and then 13.3070 (high Aug.22).