- USD/MXN falls to seven-and-a-half-week lows near 17.20.
- The Dollar falls to a daily bottom at 104.25 after the US average data.
- Weekly US jobless claims worsen expectations.
The USD/MXN weakens for the fourth consecutive day this Thursday. The pair has reached a daily high of 17.33 in the Asian session, but has slowly been losing ground, sliding to a near eight-week low at 17.21 following the publication of mixed US data on weekly jobless claims and the Philadelphia Fed manufacturing index.
The price of the Dollar falls to the lowest of the day after the mixed data from the United States
He Dollar Index (DXY) It regained momentum in the early part of Thursday, hitting a two-day high of 104.55. The mixed US data caused a downward turn in recent hours that has taken the greenback to 104.13, a new daily bottom, although it is now trading above 104.30, losing 0.09% on the day.
Weekly jobless claims rose by 13,000 in the week of November 10, rising to 231,000 from 218,000 previously. The figure worsened the estimated 220,000. This is the highest reading in unemployment claims in three months, specifically since the week of August 11.
For its part, the Philadelphia Fed manufacturing index improved to -5.9 in November from the previous and expected -9. Despite the improvement, this is the third consecutive negative month for the indicator.
Finally, industrial production fell 0.6% in October, worsening the consensus-forecast 0.3% decline, while capacity utilization fell to 78.9% versus 79.5% previously and 79.4% expected.
Market operators will now be awaiting speeches from several Fed members, such as Christopher Waller, Loretta Mester and Lisa D. Cook. Tomorrow, Friday, only construction permits and housing starts for October in the United States will be published.
USD/MXN Price Levels
The Dollar is now trading around 17.27 against the Mexican Peso, losing 0.22% on the day. In case of further declines, the pair will find initial support at today’s low, 17.21. Below it awaits an important containment zone around 17.00/16.99, psychological zone and bottom of September 20, respectively.
To the upside, this week’s top around 17.70/17.72 will be the first resistance before attacking the 18.00 psychological zone. Above, the pair will find a barrier around 18.15, the two-week high zone (October 30).
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.