Some buyers are drawn to the USDMXN exchange rate of 17.4684 on Tuesday due to the high demand for the USD.

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• USD/MXN attracts some buyers on Tuesday amid the USD demand.

The pair currently trades last at 17.4684.

The previous day high was 17.4542 while the previous day low was 17.1723. The daily 38.2% Fib levels comes at 17.3465, expected to provide support. Similarly, the daily 61.8% fib level is at 17.28, expected to provide support.

The Mexican Peso (MXN) gains traction for the second consecutuve day against the US Dollar (USD) during the early Asian trading hours on Tuesday. A stonger US Dollar (USD) and higher US Treasury bond yields is supported the pair. USD/MXN currently trades around 17.47, up 0.46% on the day.

Data from statistics agency INEGI showed that Mexico’s headline inflation came in at 4.64% for for the first half of September from 4.64% at the end of August. Mexico President Andres Manuel Lopez Obrador stated last week that Banxico was doing well as inflation slows but the central bank should concentrate more on fostering economic development. However, if the rate of inflation ease, Banxico may adjust its monetary policy and could weigh on the Mexican Peso.

On the USD’s front, the higher for longer rate narrative in the US boosts the Greenback broadly. Early Tuesday, Minneapolis Federal Reserve Bank President, Neel Kashkari stated that he is one of the fed policymakers who sees one more rate hike this year. He added that US rates probably have to go a little bit higher, be held there for longer, to cool things off. This, in turn, lift the USD against the Mexican Peso and acts as a tailwind for the USD/MXN pair.

Later this week, the US CB Consumer Confidence for September and New Home Sales will be due later on Tuesday. The closely watched event will be the US Core Personal Consumption Expenditure (PCE) Price Index on Friday. On the Mexican docket, Trade Balance for August will be released on Wednesday and Banxico Interest Rate Decision will be scheduled on Thursday.

Technical Levels: Supports and Resistances

USDMXN currently trading at 17.4741 at the time of writing. Pair opened at 17.395 and is trading with a change of 0.45 % .

The pair is trading above its 20 Daily moving average @ 17.2013, above its 50 Daily moving average @ 17.0516 , above its 100 Daily moving average @ 17.1916 and below its 200 Daily moving average @ 17.88

The previous day high was 17.4542 while the previous day low was 17.1723. The daily 38.2% Fib levels comes at 17.3465, expected to provide support. Similarly, the daily 61.8% fib level is at 17.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 17.2268, 17.0587, 16.945
• Pivot resistance is noted at 17.5086, 17.6223, 17.7905

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