Mexican Peso notches minor gains with USD/MXN trading at 17.23, up 0.03%, as investors assess economic indicators from Mexico.

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• Mexican Peso notches minor gains with USD/MXN trading at 17.23, up 0.03%, as investors assess economic indicators from Mexico.
• Mexican GDP growth falls short of expectations, influenced by Banxico’s aggressive interest rate policy now at 11.25%.
• In the US, Consumer Confidence improves and the robust labor market is highlighted by the latest JOLTs report, which could affect Federal Reserve policy.

The Mexican Peso holds minuscule gains versus the US Dollar in early trading during the North American session, sponsored by economic data from Mexico. In the US, the release of the JOLTs reports and Conference Board (CB) Consumer Confidence data could underpin the Greenback (USD), ahead of the US Federal Reserve (Fed) monetary policy decision on Wednesday. The USD/MXN exchanges hands at 17.16, down 0.37%.

Mexico’s economy grew below estimates, revealed the National Statistics Agency (INEGI). Higher interest rates set by the Bank of Mexico (Banxico) at 11.25% is having the desired effect on the economy as the latest GDP data trends lower alongside business activity. Across the border, CB Consumer Confidence improved in January, while the labor market remains hot, according to the JOLTs data.

The USD/MXN trades sideways and is about to form an ascending triangle. The 200-day Simple Moving Average (SMA) at 17.34 is the first resistance level. If buyers conquer that level, the next stop would be the 100-day SMA at 17.41, followed by the December 9 high at 17.56. Last of all sits the May 23 high from last year at 17.99.

On the flipside, although a less likely scenario, the USD/MXN exchange rate could drop below the 50-day SMA at 17.13. A breach of the latter will expose the January 22 low at 17.05, followed by the 17.00 psychological level.

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