- The dollar weakened after the minutes of the Federal Reserve.
- Volatility and volume down due to the US holiday.
- USD/MXN remains in a wide consolidation range, below the 20-day average.
USD/MXN is modestly rising on Thursday and remains below 19.40. It has been moving calmly for hours, confirming the fall of previous sessions, in a context of dollar weakness.
Wall Street will be closed today for the US Thanksgiving holiday, which may encourage an extension of the limited rides in the pair and the broader market.
The dollar remains weak as a result of the Federal Reserve minutes, which showed that the central bank will continue to raise interest rates, although possibly at a softer pace. This pushed Treasuries higher and put downward pressure on the dollar.
The USD/MXN remains in a wide consolidation range, with risks skewed to the downside. The rises are with a wide resistance band between 19.50 and 19.60. A close above will leave the dollar strengthened for a further advance. In the opposite direction, key support appears at 19.25/30, which, if given, would trigger further declines with an initial target at 19.15. Below the next relevant bracket is 19.00/05.
technical levels
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.
