The bears remain in control of the USDMXN at 16.8375 due to the weakness of the US Dollar.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- USD/MXN bears are still in control as US Dollar weakness.
Currencies of most Latin American countries extended gains on Wednesday after a widely expected interest rate hike from the US Federal Reserve, with the Mexican Peso continuing its decline within the long-term bearish trend in USD/MXN.
Latam currencies have benefited from attractive yields this year given surging interest rates in the region. An important risk factor for the Mexican Peso remains developments in the US.
”If the US economy cools down more than expected, this would also weigh on the Mexican outlook. This would likely limit upside risks to inflation and could imply a sharper cut in Mexican interest rates and a correspondingly less attractive real interest rate outlook, which would weigh on the peso,” analysts at Commerzbank explained.
”In our baseline scenario, however, we expect solid domestic demand and Banxico’s vigilance to continue to support the peso in the face of a still uncertain inflation outlook.”
The weekly chart shows the price in decline below the fresh key structure.
On the daily chart, the correction could be running out of steam and reversion to the downside could be the cards. Bears eye a break of support for the forthcoming days.
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
