Mexican peso resumes rally versus USD after short-lived correction. USD/MXN heads for the lowest close since April. The USD/MXN pair approached the 19.30 area earlier today but then reverses sharply. It eared daily gains and broke below 19.00, reaching at 18.92, the lowest intraday level since May 2. The pair was holding near the lows, with a bearish tone intact. The consolidation under 19.00 could open the doors to more losses. On Monday, USD/MXN rebounded, on a normal correction and probably amid some profit taking after a 5% slide in a week. Comments from president-elect Andrés Manuel López Obrador contributed to the rally of the Mexican peso. The slide of USD/MXN was also boosted by a weaker US dollar. If the pair extends the slide, support levels might be seen at 18.80 and 18.70. On the upside, 19.00 is the immediate resistance followed by 19.15 and the strong area around 19.30. Mexican inflation confirms rebound Yesterday, inflation data from Mexico showed that the Consumer Price Index (CPI) rebounded in April to 4.65% (annual), up from 4.51% of May. At the last meeting, the Bank of Mexico rose the key interest rate to 7.75%, the highest level in a decade, amid a deterioration of the inflation outlook. The rise in the CPI ends five months of deceleration. It the rebounds extends and the Mexican peso depreciates, another rate hike from Banxico seems likely. 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 VeChain joins forces with Totient as a step toward widespread adoption FX Street 3 years Mexican peso resumes rally versus USD after short-lived correction. USD/MXN heads for the lowest close since April. The USD/MXN pair approached the 19.30 area earlier today but then reverses sharply. It eared daily gains and broke below 19.00, reaching at 18.92, the lowest intraday level since May 2. The pair was holding near the lows, with a bearish tone intact. The consolidation under 19.00 could open the doors to more losses. On Monday, USD/MXN rebounded, on a normal correction and probably amid some profit taking after a 5% slide in a week. Comments from president-elect Andrés Manuel López Obrador contributed… 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.
