- USD/MXN lost 0.76% at market close, returning to yesterday’s trading range.
- The Ministry of Finance will publish the Federal Fiscal Balance at the close of the market.
- Investors will be keeping an eye on the release of Mexico’s unemployment rate next Tuesday.
The USD/MXN reached a daily high of 19.87, finding aggressive sellers who pushed the pair to a daily low of 19.62. Currently, the price of the US dollar against the Mexican Peso is trading above 19.69, losing 0.76% today.
The Mexican Peso Gains Ground Ahead of the Publication of the Federal Fiscal Balance
The Ministry of Finance will announce today the Federal Fiscal Balance for July, at the end of the American session. The Government of Mexico has registered a negative fiscal deficit in its last two readings of 166.74 and 174.89 billion dollars, corresponding to June and May, respectively.
In this context, investors will focus their attention on the unemployment rate for July, to be published next Tuesday, whose previous record was 2.8%.
The Mexican Peso remains volatile and uncertain, as the Morena party is poised to approve the judicial reform that has sparked protests and concerns from both financial institutions and rating agencies over the loss of autonomy of judges.
Technical levels in the USD/MXN
The USD/MXN remains bullish, forming a short-term support at 18.59, given by the low of August 16. The next support is at 17.60, pivot point of July 12. The closest resistance is at 20.06, high of August 5.
USD/MXN Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
