- USD/MXN rises 0.35%, remaining within the operating range of the previous session.
- Durable goods orders fell 0.8% in September, improving market estimates.
- The University of Michigan Consumer Sentiment Index stands at 70.5, above analyst expectations.
USD/MXN set a session low at 19.77, attracting aggressive buyers that took the cross to a daily high at 19.89. At the time of writing, the price of the US dollar against the Mexican Peso is trading above 19.87, appreciating 0.35% on the day.
The consumer sentiment index and durable goods orders drag the Mexican peso
Based on data presented by the US Census Bureau, durable goods orders decreased 0.8% in September, bettering the 1% decline expected by analysts.
On the other hand, the University of Michigan consumer sentiment index stood at 70.5 in October, exceeding the 69 estimated by analysts and the 68.9 recorded in September.
The improvement in these economic data from the United States has led the Mexican peso to operate in negative territory, ending a streak of three consecutive sessions on the rise. Investors will be attentive to the publication of Mexico’s trade balance on Monday, which registered a deficit of 4,868 million dollars in August.
Technical levels in the USD/MXN
The Mexican Peso reacted upwards at a support located at 19.77, given by the minimum of October 18, close to the 50% Fibonacci retracement. We see the next key support zone at 19.24, the pivot point of October 14. To the upside, we see the closest resistance at 20.14, the maximum of September 11. The relative strength index is at 59.02, dominated by buying pressure with intentions of reaching the key area of 20.15.
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.
