Mexican Peso (MXN) loses ground against the US Dollar (USD) on Thursday after an inflation report from the United States (US) reignited speculations f
Mexican Peso falls 0.75%, as the USD/MXN hovers at around 17.95. Mexico's Industrial Production figures show a positive trajectory but fail to curb USD/MXN advance. Higher than expected US September CPI data and lower than expected unemployment claims reignites discussions about further Fed rate hikes. or another interest-rate hike by the US Federal Reserve . The data overshadowed Mexico’s economic data, which was upbeat but wasn’t enough to cap the USD/MXN advance towards the 17.
Still, it bounced on the release of US inflation data, towards 17.97, shy of reclaiming 18.00. If the exotic pair achieves a daily close above 18.00, that will form a ‘bullish engulfing’ candlestick pattern, comprised of the price action of Wednesday and Thursday, and could pave the way for further upside. If achieved, the next resistance would be 18.48. Conversely, failure to do it would expose the USD/MXN to selling pressure and challenge the 200-day SMA at 17.
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