- Mexican peso clings to Tuesday’s gains, but loses momentum.
- USD / MXN continues to trend downward, in consolidation mode.
In a context of falling stocks and a slight recovery of the dollar, the USD / MXN is operating without changes compared to yesterday’s close at around 19.80. Previously, the price fell to 19.73, the lowest level in almost a week.
Emerging market currencies lost strength in recent hours amid a moderate decline in stocks. On Wall Street, the Dow Jones is losing 0.10% and the rest of the indices are trading red and green. In the previous one, the futures had been with profits at all times.
What happens to the equity market is still key for the Mexican peso, which lost a little more ground due to a fall in the price of oil, which in any case remains in the area of maximums in months.
The USD / MXN maintains its downward trend and yesterday’s fall gave the Mexican peso more momentum. It again approached the 19.70 area and the lows for this month located at 19.59. In case of gaining momentum again, the next strong support below 19.70 is at 19.45 / 50.
The current tone is more one of consolidation than a resumption of declines. But if a daily close is well above 20.20, the dollar would gain support to extend the recovery, the next possible target being 20.60 before 20.80.