Mexican Peso extends gains for a third session, buoyed by central banker’s remarks.

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• Mexican Peso extends gains for a third session, buoyed by central banker’s remarks.
• Banxico Governor’s comments on inflation and easing hint at policy shifts as MXN gathers traction.
• NY Fed’s Consumer Inflation Expectations for one year in January remained steady.

The Mexican Peso moderately gains ground against the US Dollar for the third straight trading session on Monday as Bank of Mexico (Banxico) Governor Victoria Rodriguez Ceja crossed the wires. Although Federal Reserve (Fed) officials laid the ground to ease policy in 2024, they pushed back against rate cuts as early as March. The USD/MXN trades at 17.05, down 0.20%, with sellers eyeing the 17.00 figure.

Mexico’s economic docket featured a speech by Banxico’s Governor Rodriguez, who spoke about inflation and the likelihood of easing monetary policy. Across the border, the calendar featured the New York Federal Reserve’s one-year Consumer Inflation Expectations registering at 3%, unchanged compared with December.

The USD/MXN is neutral to downwardly tilted with sellers eyeing a break below 17.00. Relative Strength Index (RSI) studies suggest that bears are in charge, but the slope is turning somewhat flat. If sellers push prices below 17.05, that could open the door to test the psychological 17.00 figure. A breach of the latter could pave the way to challenge 2023 low of 16.62.

On the other hand, if buyers reclaim the 50-day SMA at 17.11, that can pave the way to test the 200-day SMA at 17.29. Upside risks emerge once that barrier is cleared with the following supply zone coming at 17.40, the 100-day SMA.

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