Mexican pesos loses strength after outperforming on Thursday. USD/MXN finds support at 23.70/75, heads for a small weekly gain. The USD/MXN is rising on Friday after posting losses on Thursday followed a 50bps rate cut from the Bank of Mexico. The pair was testing yesterday’s low around 23.75 and bounced to the upside during the American session, climbing back above 24.00. The Bank of Mexico cut its benchmark interest rate to 5.5%, the lowest level in more than three years. The central bank left the door open to more rate cuts. Analysts see more action from Banxico to boost the economy and as inflation remains under control. In the US, economic data showed a record decline in retail sales that hit the US dollar. The greenback weakened, erasing gains and over the last hours it stabilised across the board, helping the rebound of USD/MXN. Technical outlook The USD/MXN continues to move between 23.70 and 24.40, in a consolidation range. In the short-term, resistance levels might be seen at 24.15, followed by 24.30 and then comes the upper limit of the range. On the flip side, immediate support stands at 23.90 and then comes the lower bottom at 23.74/75 (May 12, 14 & 15 low). 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: April could very well be the bottom for many retailers – Wells Fargo FX Street 2 years Mexican pesos loses strength after outperforming on Thursday. USD/MXN finds support at 23.70/75, heads for a small weekly gain. The USD/MXN is rising on Friday after posting losses on Thursday followed a 50bps rate cut from the Bank of Mexico. The pair was testing yesterday’s low around 23.75 and bounced to the upside during the American session, climbing back above 24.00. The Bank of Mexico cut its benchmark interest rate to 5.5%, the lowest level in more than three years. The central bank left the door open to more rate cuts. Analysts see more action from Banxico to boost the… 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.
