He USD/MXN has continued to gain momentum following the release of several better-than-expected US data releases. In total, the pair advanced 25 cents on the day, from the daily low of 18.50 to 18.75, new three-day high. Currently, the dollar is giving up some ground against the Mexican peso, trading above 18.65, up 0.8% on the day.
US retail sales grew 3% in January, bettering the 1.8% estimate and posting its biggest increase in a year. On the other hand, the New York Manufacturing Empire improved to -5.8 in February from the -18 points estimated by the consensus.
These figures gave impetus to the greenback, whose DXY index soared to 104.05, its highest level in five and a half weeks, since last January 6. Dollar strength remains active, with the USD Index trading around 104.00, gaining 0.73% daily.
USD/MXN Levels
After breaking resistance located at yesterday’s and today’s European morning high at 18.67, the next upside barrier awaits in the psychological zone of 7:00 p.m.. Above, the target is on 19.29ceiling of February 6 and of the last five and a half weeks.
To the downside, a clear break of 18.49/18.50 (strong support zone where the minimum for today and the last four and a half years is), could cause a collapse to the zone 17.93/99, where are the 2018 minimums recorded in April of that year. below awaits 17.44floor of July 2017.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
