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27 Mar 2015
USD/MXN muted on data, around 15.11
FXStreet (Edinburgh) - The Mexican peso remained indifferent after the releases in the Aztec economy, with USD/MXN losing ground and hovering over 15.1100.
USD/MXN keeps session lows
The pair is trading in the lower end of the intraday range, keeping the composure after February’s jobless rate in Mexico ticked lower to 4.33% from 4.51% previous and 4.25% forecasted. Further data saw the trade deficit shrinking to $0.04 billion during February from January’s $1.78 billion.
Recall that Banxico left intact its benchmark rate in yesterday’s meeting at 3.0%, and regarding the lower level in the peso, the central bank argued that “In terms of the peso depreciation, the Board recognized that thus far depreciation has not generated second-order effects. However, they did acknowledge that further depreciation could pose an upside risk to inflation”.
USD/MXN levels to consider
At the moment the pair is down 0.19% at 15.1122 and a breach of 14.9529 (low Mar.26) would aim for 14.8586 (low Mar.25) and then 14.8209 (low Feb.26). On the upside, the initial hurdle lines up at 15.1355 (high Mar.26) ahead of 15.2773 (high Mar.20) and finally 15.3511 (high Mar.19).
USD/MXN keeps session lows
The pair is trading in the lower end of the intraday range, keeping the composure after February’s jobless rate in Mexico ticked lower to 4.33% from 4.51% previous and 4.25% forecasted. Further data saw the trade deficit shrinking to $0.04 billion during February from January’s $1.78 billion.
Recall that Banxico left intact its benchmark rate in yesterday’s meeting at 3.0%, and regarding the lower level in the peso, the central bank argued that “In terms of the peso depreciation, the Board recognized that thus far depreciation has not generated second-order effects. However, they did acknowledge that further depreciation could pose an upside risk to inflation”.
USD/MXN levels to consider
At the moment the pair is down 0.19% at 15.1122 and a breach of 14.9529 (low Mar.26) would aim for 14.8586 (low Mar.25) and then 14.8209 (low Feb.26). On the upside, the initial hurdle lines up at 15.1355 (high Mar.26) ahead of 15.2773 (high Mar.20) and finally 15.3511 (high Mar.19).