USD/MXN Edges On Stronger US Dollar
FxGrow | Mar 02, 2017 00:11
USD/MXN rallied yesterday at 20.1079 after FOMC's members Williams and Harker crossed wires yesterday with hints that Fed Rate Hikes are more important than ever and March odds are increasing. Then Trump appeared early this morning with patriotic speech, boosting US index higher at 101.79 and USD/MXN clocked a higher record for this week 20.1600, but the pair couldn't withhold the 20 level and retreated to 19.9788 at which the currency is currently trading.
Unemployment in Mexico peeked up to 3.6% in January, a 0.2% rise on December’s reading but lower than market expectations of a rise to 3.8%. The USD clawed back some of the session’s losses against the Peso but the Mexican currency still remains vulnerable to further downside pressure from President Donald Trump’s job repatriation vows.
Fundamentals :
1- US ISM Manufacturing PMI today at 3:00 PM GMT.
2- US FOMC Member Kaplan speech today at 6:00 PM GMT.
3- MXN Manufacturing PMI report today at 3:30 PM GMT.
Technical :
Trend : Bullish Sideways
Resistance levels : R1 20.1597, R2 20.3342, R3 20.6069
Support levels : S1 19.9665, S2 19.7622 , S3 19.5024
Remark : Look forward for US and Mexican economic data today with expectation of high volatility after release.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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