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USD / MXN jumps to 20.75 as market sentiment deteriorates

  • The US dollar rally continues on Friday, DXY breaks above 92.00.
  • USD / MXN tops the highest weekly close since February.

The Mexican peso remains under pressure against the US dollar. USD / MXN rose to 20.75, reaching the highest level since the end of March. The pair hovers around 20.65, clinging to gains.

The dollar rose for the sixth day in a row against the Mexican peso amid a deterioration in market sentiment after the FOMC meeting. The peso is one of the worst performers of the week today, along with the South African rand and the Turkish lira. USD / MXN is up more than 4% in the biggest weekly gain since September last year.

Banxico next week, but …

Next Thursday, the Bank of Mexico will announce its decision on monetary policy. No change in the key rate is expected (4%) but the usual hawk bias will likely strengthen after the recent spike in volatility across the financial market, the depreciation of the Mexican peso and the rise in global yields, in the context higher inflation in Mexico.

Despite the meeting, the price action of emerging market currencies will likely be decided by the US dollar and the risk tone. The market has clearly made a turn in favor of a broad greenback strength.

Technical levels

usdmxn

USD/MXN

Overview
Today last price 20.7461
Today’s Daily Change 0.3146
Today daily change% 1.54
Today they open every day 20.4315
Trends
Daily SMA20 19.9542
SMA50 daily 19.9787
SMA100 daily 20.244
SMA200 daily 20.4054
Levels
Previous Daily High 20.6232
Previous Daily Low 20.3269
Previous weekly high 20.0023
Previous Weekly Low 19.5983
Previous monthly maximum 20.3286
Previous Monthly Low 19.7191
Daily Fibonacci 38.2% 20.51
Daily Fibonacci 61.8% 20.4401
Daily Pivot Point S1 20.2979
S2 daily pivot point 20.1643
S3 Daily Pivot Point 20.0016
R1 daily pivot point 20.5941
Daily pivot point R2 20.7568
R3 daily pivot point 20.8904

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