Mexican Peso trades higher on positive market mood, robust Mexican data

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The Mexican Peso (MXN) trades marginally higher on Monday, supported by a rise in risk appetite after lower-than-expected US jobs’ data raised hopes the Federal Reserve (Fed) will move to cut interest rates, reducing borrowing costs for businesses and consumers.

The Mexican Peso edges up on Monday as the market mood remains positive following US and Chinese data. The Mexican economy continues to expand despite restrictive monetary policy – a positive for the Peso. Technically, the USD/MXN is trading along the floor of a sideways range in the short-term.

A clear break above the zone of resistance around 17.15-17.18 might see further gains up towards the range highs again. A decisive breakout of the range – either below the floor at 16.86, or the ceiling at 17.40 – would change the directional bias of the pair. A break below the floor could see further downside to a target at 16.50, followed by the April 9 low at 16.26. On the other side, a break above the top would activate an upside target first at 17.

 

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