USD / MXN remains in range, near 20.00

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  • Mexican peso rises modestly against the dollar, remains in recent range.
  • USD / MXN remains near 20.00 / 05, key short-term support.

El USD/MXN it climbed to 20.25, the highest level in a week, but quickly returned below 20.20 and just marked lows for the day at 20.07. It is trading near the low, in negative territory, but still in the recent range, in consolidation mode.

The price continues near the monthly floor and moving between 20.25 and 20.05, validating the fall of weeks ago. The Mexican peso is favored by the rise in shares, in anticipation of a growing global economic recovery.

Most emerging currencies do not show significant changes against the dollar. The greenback lost momentum after the inflation data in the United States for March, which showed figures above expectations and generated a decline in the yields of Treasury bonds.

Stocks on Wall Street are falling modestly. They were previously affected by news that the US asked to pause the use of the Johnson & Johnson vaccine to investigate adverse effects.

From a technical point of view, the USD / MXN is moving sideways, between 20.00 / 05 and 20.20 / 25, these two bands being the key short-term levels. The dominant bias remains bearish. The break of 20.00, would point to lower, with the immediate goal at 19.90. To the upside, if it affirms above 20.25, the dollar would ease the downward pressure, and could lead to an extension towards 20.50.

Technical levels

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