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- USD/MXN at monthly highs above 20.70 as US dollar jumps
USD/MXN at monthly highs above 20.70 as US dollar jumps
- US dollar remains strong across the board following Fed’s meeting.
- Mexican peso under pressure amid risk aversion.
- USD/MXN bullish, next resistance at 20.85.
The USD/MXN soared to 20.80, reaching the highest level in five weeks earlier on Thursday, boosted by a stronger US dollar across the board. The greenback is rising sharply on the back monetary policy expectations from the US.
On Wednesday, the Fed opened the doors to rate hike in March and more during the next year. The more “hawkish” than expected tone from Chair Powell triggered sharp moves and hit emerging market currencies. So far, the Mexican peso is not the most affected. The positive tone in Wall Street with the Dow Jones up by 0.98% is helping the MXN.
The fundamental perspective supports the dollar with US yields moving to the upside, and a caution tone prevailing in global equity markets. The Bank of Mexico is expected to hike rates again offsetting somewhat Fed’s boost to the USD/MXN.
From a technical perspective, the bias in USD/MXN points to the upside. A break under 20.60 (uptrend line) should alleviate the bullish tone. The next support stands at 20.52, followed by 20.40. The 20.85/90 barrier is a strong area that if broken, would clear the way for a return above 21.00.
Technical levels
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