The Mexican Peso rises as market sentiment lifts following the Federal Reserve meeting on Wednesday. Despite acknowledging inflation remained sticky, the Fed’s Chair Jerome Powell described the need for higher interest rates as “unlikely”. The Fed’s decision to reduce its Treasury holdings at a slower pace was taken by markets as a mildly dovish move, possibly weakening the USD.
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 17.67, piercing a long-term trendline and then possibly reaching a further target at around 18.15.
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