Mexican Peso down 0.35% vs. USD, hit by strong US jobs data and Mexico’s investment decline.

…
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)]

• Mexican Peso down 0.35% vs. USD, hit by strong US jobs data and Mexico’s investment decline.
• S&P maintains Mexico’s BBB rating, focusing on 2024 elections impact.
• US economic vigor from employment, Factory Orders and consumer sentiment adds to MXN pressure.

The Mexican Peso (MXN) depreciates against the US Dollar (USD) on Friday following a jobs report revealed by the US Bureau of Labor Statistics (BLS). That report signaled the economy in the United States (US) remains solid amid a tight labor market. Besides that, weaker-than-expected data from Mexico sponsored the exotic pair with a leg up ahead of the weekend. The USD/MXN trades at 17.15, 0.45% higher.

According to November’s data revealed by the National Statistics Agency, Mexico witnessed a dip in Gross Fixed Investment. It should be said that S&P maintained Mexico´s sovereign debt rating as BBB ahead of the general elections on June 2, 2024.

Across the borders, the US Nonfarm Payrolls (NFP) report revealed January’s employment data, which was outstanding, painting an upbeat economic outlook for the US. Further data revealed that Factory Orders rose moderately, while American household sentiment remained positive.

The USD/MXN remains trading sideways, but it has pierced above the 50-day Simple Moving Average (SMA) at 17.13, which could pave the way for further gains. If buyers achieve a daily close above that level, they should remain hopeful of challenging the 200-day SMA at 17.32. That level would be followed by the 100-day SMA at 17.38. Once that area is cleared, the exotic pair could extend its gains to 17.50.

Conversely, a bearish resumption could happen if USD/MXN slips below the 50-day SMA, clearing the way toward the January 22 daily low of 17.05. Further downside is expected once the pair breaks below the 17.00 figure.

[/s2If]

The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.

The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group