Mexican Peso stable despite US Retail Sales affected by high interest rates.

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• Mexican Peso stable despite US Retail Sales affected by high interest rates.
• Bank of Mexico reports a modest 2.2% growth in Foreign Direct Investment for the year.
• US economic outlook positive, says White House Adviser, ahead of Fed Governor Waller’s speech.

Mexican Peso is virtually unchanged against the US Dollar on Thursday following a softer retail sales report from the United States (US), an indication that higher interest rates impact consumer spending. Regarding the labor market, it remains solid after the US Bureau of Labor Statistics (BLS) announced that unemployment claims were below estimates. The USD/MXN trades at 17.07, almost flat.

Mexico’s economic docket remains scarce, though the Bank of Mexico revealed that Foreign Direct Investment (FDI) registered an expansion of 2.2% by the end of last year. Nevertheless, the data suggests the growth rate slowed, failing to reach the expectations of international organizations and economists.

Across the border, White House Economic Adviser Lael Brainard said the fundamentals of the US economy seem “quite good,” and consumer purchasing power remains strong. Later, her former colleague, Fed Governor Christopher Waller, will cross the wires.

The USD/MXN consolidated in the 17.05-17.10 area during the last couple of days, holding near the 50-day Simple Moving Average (SMA) at 17.10. If buyers decisively break that level, the first resistance would be the psychological 17.20 area. A breach of the latter and the exotic pair could threaten the 200-day SMA at 17.29, before aiming toward the 100-day SMA at 17.39.

Conversely, if sellers step in and push prices below the 17.05 area, that would pave the way to test the 17.00 figure. Further downside is seen at last year’s low of 16.62.

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