26 Mar 2015
USD/MXN around 15.1000, eyes on Banxico
FXStreet (Edinburgh) - The Mexican peso keeps losing ground vs. the greenback on Thursday, pushing USD/MXN to the area of intraday highs around 15.10.
USD/MXN focus on Banxico
The increased selling pressure around the US dollar prompted sellers to step in and drag spot from recent peaks near 15.50 to this week’s lows in the 14.80 region. Today, the pair keeps recovering the ground lost after last week’s sharp pullback amidst a generalized better mood in the USD.
Next on tap in the Mexican docket will be Banxico’s monetary policy meeting followed by the jobless rate and trade balance figures due tomorrow. In the view of Blue Macellari, Strategist at TD Securities, “With inflation coming in right on target (February CPI was 3.0% y/y), we expect rates to remain on hold for some time still, expecting that Banxico will only move to raise rates in the third quarter”.
USD/MXN levels to consider
At the moment the pair is up 0.68% at 15.0890 with the next resistance at 15.1355 (high Mar.26) ahead of 15.2773 (high Mar.20) and finally 15.3511 (high Mar.19). On the flip side, a breach of 14.9529 (low Mar.26) would aim for 14.8586 (low Mar.25) and then 14.8209 (low Feb.26).
USD/MXN focus on Banxico
The increased selling pressure around the US dollar prompted sellers to step in and drag spot from recent peaks near 15.50 to this week’s lows in the 14.80 region. Today, the pair keeps recovering the ground lost after last week’s sharp pullback amidst a generalized better mood in the USD.
Next on tap in the Mexican docket will be Banxico’s monetary policy meeting followed by the jobless rate and trade balance figures due tomorrow. In the view of Blue Macellari, Strategist at TD Securities, “With inflation coming in right on target (February CPI was 3.0% y/y), we expect rates to remain on hold for some time still, expecting that Banxico will only move to raise rates in the third quarter”.
USD/MXN levels to consider
At the moment the pair is up 0.68% at 15.0890 with the next resistance at 15.1355 (high Mar.26) ahead of 15.2773 (high Mar.20) and finally 15.3511 (high Mar.19). On the flip side, a breach of 14.9529 (low Mar.26) would aim for 14.8586 (low Mar.25) and then 14.8209 (low Feb.26).