USD/MXN plummets to 1.5-month lows below 20.00

  • USA: annual inflation falls more than expected in July.
  • The dollar has abruptly fallen after the data.
  • USD/MXN goes from 20.20 to 19.97.

The USD/MXN fell sharply on Wednesday after the release of July inflation data from the United States. The pair fell below 20.00 for the first time since late June.

The dramatic decline in USD/MXN came from levels above 20.20 and reached as low as 19.97 so far. The price remains in the zone of the day’s lows, with a bearish tone intact.

The downward movement is being guided by a sharp decline in the dollar throughout the market. The key factor was the US inflation data for July, which showed data below expectations and reduced the expected adjustment by the Federal Reserve for the coming months.

The USD/MXN is having one of the worst days in months, posting the third daily drop in a row. A week ago, the price was in the area of ​​20.80.

The negative moment could persist since the data also triggered increases in raw materials and in Wall Street shares. The Dow Jones is up 1.60% and the Nasdaq 2.25%.

Technical levels

USD/MXN

Panorama
Last Price Today 19.9975
Today’s Daily Change -0.2413
Today’s Daily Change % -1.19
Today’s Daily Opening 20.2388
Trends
20 Daily SMA 20.4813
50 Daily SMA 20.2762
100 Daily SMA 20.1616
200 Daily SMA 20.4322
levels
Previous Daily High 20.3044
Previous Daily Minimum 20,197
Previous Maximum Weekly 20.8348
Previous Weekly Minimum 20.2392
Monthly Prior Maximum 21.0539
Previous Monthly Minimum 20.0921
Daily Fibonacci 38.2% 20,238
Daily Fibonacci 61.8% 20.2633
Daily Pivot Point S1 20,189
Daily Pivot Point S2 20.1393
Daily Pivot Point S3 20.0817
Daily Pivot Point R1 20.2964
Daily Pivot Point R2 20.3541
Daily Pivot Point R3 20.4038

Source: Fx Street

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