The Mexican Peso enjoys a healthy rally on Wednesday and snapped a four-day losing streak against the Greenback following Monday’s stock market massacre.
Mexican Peso gains over 2%, trading at 19.18, ending a four-day decline against the Greenback. Mexico 's economic data shows slowdown in automobile production and exports; traders focus on Thursday's inflation data and Banxico policy decision. Reuters poll: 12 of 22 economists expect Banxico to hold rates steady, while 10 anticipate a 25 bps cut. Rabobank predicts Banxico will cut rates by 25 bps, with 50 bps of easing expected by year-end.
The Relative Strength Index exited overbought conditions amid buyers' lack of effort to lift spot prices higher, yet they remain in charge and another attempt to test YTD high looms. If USD/MXN edges above 19.50, the next stop would be 20.00. A decisive break will expose the YTD high at 20.22, followed by the 20.50 mark. Conversely, if USD/MXN first support would be the 19.00 mark. Once cleared, this will expose the August 1 swing low of 18.
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