The price of the Dollar rises to highs of the day at 17.15 against the Mexican Peso after previously falling to lows of more than two months at 17.03

• USD/MXN has recovered after falling to a nine-and-a-half-week low of 17.03.
• The price of the Dollar gains momentum after falling to a six-day low near 103.20.
• Sales of new homes in the US plummet 5.6% in October.

The USD/MXN has fallen during the Asian session and much of the European session dragged down by the weakness of the Dollar in the currency market. The pair has fallen to its lowest level since September 20 at 17.03, but has managed to rebound after the opening of Wall Street. In the last hours, the price of the Dollar against the Mexican Peso has risen to 17.15, a new daily ceiling.

The price of the Dollar takes a breather and approaches 103.50

He Dollar Index (DXY) It began the week weak against its rivals, falling to 103.21, its lowest level in six days. Currently, the greenback has regained ground and has risen to 103.46, approaching the high of the day touched in the Asian session at 103.53.

The dollar’s momentum has coincided with a drop in 10-year US Treasury bond yields, whose level has just touched 4.42%, its lowest percentage since last Thursday. On the other hand, the United States has published its new home sales data for the month of October. The indicator has disappointed the market with a sharp drop of 5.6%. Additionally, September sales have been revised downward, with the 12.3% rise posted a month ago narrowing to an 8.6% increase.

In Mexico it has been known today that the Total merchandise exports reported a monthly reduction of 0.35% in October. Imports of merchandise fell by 2.21% in the same month, according to the National Institute of Geography and Statistics (INEGI).

USD/MXN Price Levels

With USD/MXN trading at the time of writing above 17.13, gaining 0.12% daily, the day’s ceiling at 17.15 has emerged as initial resistance. Above, last week’s high at 17.26 (November 21) will be the next barrier to overcome before facing the 17.40 area, high of November 15. Further up, the November 13 top around 17.70/17.72 will be a difficult hurdle to overcome.

To the downside, a break of today’s low at 17.03 will find support in the 17.00/16.99 area, where the psychological level and the September 20 low are. Below, the Dollar can fall against the Mexican Peso to 16.70, the floor of last August 31.