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26 Apr 2013
Forex: USD/MXN testing lows after rate decision, trade surplus
FXstreet.com (Barcelona) - The Mexican peso is inching higher against the greenback on Friday after the Banxico (Mexican central bank) left the benchmark rate unchanged at 4.0%, matching consensus.
The wider trade surplus during March - $1.71 billion vs. $0.04 billion – and the prevailing risk-on context are also bolstering the stronger peso.
As of writing, the cross is down 0.17% at 12.1475 with the next support at 12.0626 (low Apr.15) ahead of 12.0189 (low Apr.11) and finally the psychological level at 12.0000.
On the upside, a breakout of 12.2043 (MA10d) would expose 12.3535 (high Apr.22) and then 12.3750 (high Apr.23).
The wider trade surplus during March - $1.71 billion vs. $0.04 billion – and the prevailing risk-on context are also bolstering the stronger peso.
As of writing, the cross is down 0.17% at 12.1475 with the next support at 12.0626 (low Apr.15) ahead of 12.0189 (low Apr.11) and finally the psychological level at 12.0000.
On the upside, a breakout of 12.2043 (MA10d) would expose 12.3535 (high Apr.22) and then 12.3750 (high Apr.23).