The Mexican Peso extended its daily losing streak to four against the Greenback.
Mexican Peso trades near lows of the day, USD/MXN above 19.30. Weak Mexican auto production and export data highlight economic slowdown, influencing market sentiment. Banxico may consider lowering borrowing costs at the August 8 meeting due to slower growth and lower inflation. It remained above the psychological 19.00 figure for the third straight day after the exotic pair breached the previous year-to-date high of 18.99.
Although this could pave the way for a pullback, once RSI normalizes, the trend could resume upwards. The first resistance would be the psychological 19.50 mark. Once cleared, the next stop would be the 20.00 mark, followed by the current YTD high at 20.22. Conversely, the USD/MXN first support would be the 19.00 mark. A breach of the latter will expose the August 1 swing low of 18.42, followed by the 50-day Simple Moving Average at 18.17.
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