- Mexican peso gains momentum due to a better mood in the markets.
- USD/MXN continues to move in a range between 18.30 and 18.50, in the area of minimums since 2018.
USD/MXN fell to 18.31 on Monday, approaching 2018 lows hit last week of 18.29. The dollar weakened at the beginning of the week before a rebound in shares on Wall Street.
For a week now, the USD/MXN has been moving sideways, in the area of minimums in years. The rallies continue to be halted below 18.50, while on the downside, the 18.30 area is key support.
The deputy governor of the Bank of Mexico, Jonathan Heath, he explained in an interview with El Financiero, that he sees a rate ending in the range of 11.25 to 11.75%. He clarified that the final result will depend on the data. The rate, after the rise of 50 basis points on February 9, stands at 11.00%.
Regarding economic data, it was known in Mexico the foreign trade data for January that he showed, which showed a trade deficit of 4,125 million dollars, less than the 4,477 million expected.
Mexican politics dominates the headlines this Monday after massive marches throughout the country, on Sunday against the reform of the National Electoral Institute promoted by President Andrés Manual López Obrador.
In the US, durable goods orders for January showed a 4% drop, which is worse than the 4.5% expected. The existing home sales report will be published later on Monday.
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.
