Mexican Peso edges lower as market sentiment ebbs, volatility falls

The Mexican Peso edges lower on Tuesday as market sentiment dips on a variable global interest-rate outlook. Israel’s bombing of a tent camp in Rafah continues to keep geopolitical tensions fraught. MXN maintains a bullish long-term trend on the back of a higher interest-rate outlook.

Despite the break, the new short-term uptrend remains intact and still favors longs over shorts. USD/MXN 4-hour Chart A break above the 16.76 would probably confirm a continuation of the young uptrend to a possible target at the previous range lows around 16.85. The Moving Average Convergence Divergence indicator has crossed below its red signal line, giving a sell signal and possibly indicating further weakness. A break below the swing low at 16.

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Mexican Peso trades higher on positive market mood, robust Mexican dataThe 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.
Source: FXStreetNews - 🏆 14. / 72 Read more »