- The Mexican peso rises against the dollar for the third day in a row.
- USD / MXN at a low in almost two weeks, tests 20.30.
USD / MXN closed below 20.50 on Wednesday and is prolonging the bearish run on Thursday. After breaking 20.40 it fell to 20.30, where it is trading, thus reaching the lowest level since mid-March.
The course is facing the 20.30 area which is where the March lows are. The break of this level would point to more weakness for the dollar. The next relevant support emerges at 10.20.
Most emerging currencies are rising against the dollar on Thursday and so far this week. Falling Treasury yields coupled with a rise in share prices is being key to the weakness of the dollar.
To the above, it is added that a taking profit on crosses of the dollar against the major currencies. The dollar index operates in negative territory, still above 93.00, falling for the second day in a row.
On Thursday, a greater than expected increase in applications for unemployment benefits was known in the US. The data encouraged the dollar to decline. Later in the day the ISM manufacturing activity report will be released as well as the final reading of the PMI Markit. Friday will be the turn of the official March employment report.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
