$USDMXN dives to new YTD lows as MXN buyers dominate the session on US holiday Read More!👉 Forex Currencies
in the US. Solid than-expected data, with Durable Good Orders exceeding estimates, an Improvement in Consumer Confidence, and an outstanding Gross Domestic Product report for Q1, showed the US economy’s resilience. Solid housing data further supported that, while the Federal Reserve Chair Jerome Powell emphasized the US central bank foresees at least two additional rate increases.
The US Dollar Index , which tracks the buck’s value against a basket of six currencies, regained positive territory, up at 103.012, gains 0.04%. On the Mexican front, the latest jobs report in Mexico was shrugged off by the Mexican Peso, as the USD/MXN pair threatened to break support at 17.00. In the meantime, business activity improved, as shown by the S&P Global Manufacturing PMI, at 50.90, exceeding May’s 50.50.
The latest tranche of data from Mexico showed that remittances broke a monthly record, while a Bank of Mexico private poll showed an upward revision by most private analysts, the USD/MXN exchange rate will end the year at around 18.33.From a technical perspective, the USD/MXN remains neutral to downward biased, threatening to extend its losses below the psychological 17.00 figure. In that event, the following support levels would emerge at the 16.50 area, followed by the October 2015 low of 16.
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