Emerging market currencies hold onto gains despite a reversal in Wall Street. USD/MXN bearish momentum eases during the American session, still heads for the lowest close since late March. The USD/MXN broke below 23.05 earlier on Thursday and tumbled to 22.74, reaching the lowest level since March 17. Over the last hours, it trimmed losses, and it is trading around 23.00, down for the day but off lows. The decline was triggered by a rally of emerging market currencies versus the greenback on the back of risk appetite. Recently equity prices in Wall Street turned to the downside against, and the momentum in the mentioned currencies eased, favouring the rebound in USD/MXN back to 23.00. Despite the recovery of the greenback, USD/ZAR is falling 1.65% and USD/BRL 1.55%. The Mexican peso comes next with USD/MXN down 0.89%. Economic data from the US showed an improvement in May compared April but still showing a hard recession. Initial claims dropped, however, remained above two million while the Markit PMI Composite recovered to in May 36.9 from 26.7 in April (above expectations), but still well under the 50 level. Market participants mostly ignored the numbers. Technical outlook The USD/MXN was unable to consolidate below 22.80 and rebounded to the 23.00, as a normal correction. On the upside, the resistance is seen at 23.05 followed by 23.25/30. The bias will continue to point to the downside as long as the pair remains under 24.10. On the downside, below 22.80 the next support is located around 22.45 followed by 22.10. 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 Jobless Claims: It’s getting better, or at least not-as-bad – Wells Fargo FX Street 2 years Emerging market currencies hold onto gains despite a reversal in Wall Street. USD/MXN bearish momentum eases during the American session, still heads for the lowest close since late March. The USD/MXN broke below 23.05 earlier on Thursday and tumbled to 22.74, reaching the lowest level since March 17. Over the last hours, it trimmed losses, and it is trading around 23.00, down for the day but off lows. The decline was triggered by a rally of emerging market currencies versus the greenback on the back of risk appetite. Recently equity prices in Wall Street turned to the downside against, and… Top 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.
