Mexican peso up versus US dollar for the third consecutive day. Ongoing rally in Wall Street drives demand for riskier assets, favoring MXN. The USD/MXN continues to slide from the one-month it reached on Tuesday at 23.23, and it recently dropped to 22.39, reaching the lowest in a week. As for writing, it is hovering around 22.50 off lows, holding a bearish bias. Risk appetite across financial markets boosted the demand for the Mexican peso. US stocks are up by around 1% on average supported again by US economic data. June’s employment numbers surpassed expectations with the biggest monthly job creation on record. The better tone across markets eased after new COVID-19 cases in the US, but still main indexes held in positive territory, supporting the demand for emerging-market assets. Technical outlook The USD/MXN broke a short-term uptrend line and extended the slide. At the moment, the pair is testing the 20-day moving average 22.42 after the 55-day moving average capped the rally at 23.15. A close clearly below 22.40 would point to more losses, targeting 22.30 and below the next strong support stands at 22.05. A rebound from current levels back above 22.80 would strengthen the greenback favoring a return to 23.00 and a test of the 55-day moving average. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: June improvement in economic numbers, can it be sustained? – RBC FX Street 3 years Mexican peso up versus US dollar for the third consecutive day. Ongoing rally in Wall Street drives demand for riskier assets, favoring MXN. The USD/MXN continues to slide from the one-month it reached on Tuesday at 23.23, and it recently dropped to 22.39, reaching the lowest in a week. As for writing, it is hovering around 22.50 off lows, holding a bearish bias. Risk appetite across financial markets boosted the demand for the Mexican peso. US stocks are up by around 1% on average supported again by US economic data. June’s employment numbers surpassed expectations with the biggest monthly job… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
