{"id":272805,"date":"2024-03-28T00:25:52","date_gmt":"2024-03-27T18:55:52","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=272805"},"modified":"2024-03-28T00:25:52","modified_gmt":"2024-03-27T18:55:52","slug":"mexican-peso-surges-to-eight-year-high-against-us-dollar-amid-lack-of-catalyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/mexican-peso-surges-to-eight-year-high-against-us-dollar-amid-lack-of-catalyst-crypto-news\/","title":{"rendered":"Mexican Peso surges to eight year high against US Dollar amid lack of catalyst &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Mexican Peso skyrockets sharply toward 16.53 against the US Dollar as USD\/MXN contracts 0.65%.<\/strong><\/li>\n<li><strong>Mexico\u2019s narrowed trade deficit and the tighter labor market in Mexico contributed to Peso&#8217;s ascent, surpassing expectations.<\/strong><\/li>\n<li><strong>Attention turns to Federal Reserve Governor Christopher Waller&#8217;s comments on Wednesday.<\/strong><\/li>\n<\/ul>\n<p>The Mexican Peso rallied to a new eight-year high against the US Dollar with the USD\/MXN pair breaching last year\u2019s low of 16.62, extending its losses to the 16.50s. Thin liquidity conditions amid a shortened week in the observance of Good Friday strengthened the Mexican currency, which hit 16.53. At the time of writing, the exotic pair trades at 16.53, down 0.64%.<\/p>\n<p>Mexico\u2019s economic schedule revealed that the Balance of Trade clocked a narrower deficit than January\u2019s figures, but it exceeded the consensus. In the meantime, the labor market remains tight as the Unemployment Rate was below the previous month\u2019s figures and estimates. The data was revealed before Wall Street opened on Wednesday, yet the USD\/MXN dived below 16.60 at around 14:00 GMT.<\/p>\n<p>Across the border, a scarce economic docket will feature comments from Federal Reserve (Fed) Governor Christopher Waller, one of the remaining \u201chawks\u201d in the central bank\u2019s Federal Open Market Committee (FOMC).<\/p>\n<h2 class=\"fxs_headline_medium\">Daily digest market movers: Mexican Peso skyrockets on thin liquidity amid the lack of catalyst<\/h2>\n<ul>\n<li>Banxico Governor Victoria Rodriguez Ceja remained dovish via an interview with El Financiero. Governor Rodriguez commented that the battle against inflation hasn\u2019t been concluded, though adding that in upcoming meetings it would discuss further rate cuts to the main reference rate. She added, \u201cWhen macroeconomic conditions and the inflationary outlook allow us to make additional adjustments to the reference rate to the one we already have, I consider that they would be gradual.\u201d<\/li>\n<li>Banxico revealed international reserves grew to $216.9 billion, adding $411 million in US Dollars up to March 22, 2024.<\/li>\n<li>Mexico\u2019s Balance of Trade in February printed a deficit of $-0.5 billion, lower than the $-4.31 billion in January but missed expectations of $-0.2 billion, according to the National Statistics Agency (INEGI). Other data showed that the Unemployment Rate in February dropped from 2.9% to 2.5%, which is below the consensus of 2.8%.<\/li>\n<li>Mexico\u2019s Indicator of General Economic Activity flashed signs of contraction in January, justifying Banxico\u2019s 25-basis-point rate cut on March 21. Despite that, traders must be aware that on March 22, the latest mid-month Consumer Price Index (CPI) report saw an increase of a tenth in three measures of inflation, witnessing a dip in headline CPI on a monthly basis.<\/li>\n<li>Federal Reserve policymakers had been crossing the wires. Atlanta Fed President Raphael Bostic remains hawkish by supporting just one rate cut in 2024. Fed Governor Lisa Cook echoed Bostic\u2019s comments and added that cutting too soon increases the risk of inflation becoming entrenched.<\/li>\n<li>Chicago Fed President Austan Goolsbee remains dovish, expecting three cuts, though he said he needs more evidence of inflation \u201ccoming down.\u201d<\/li>\n<\/ul>\n<h2 class=\"fxs_headline_medium\">Technical analysis: Mexican Peso rally gathers steam as USD\/MXN pushes below 16.60<\/h2>\n<p>The USD\/MXN sellers gathered steam as the pair extended its losses toward the midpoint of the 16.50\/16.60 area, while the Relative Strength Index (RSI) turned oversold. The next support level is the October 2015 cycle low at 16.32 before the pair plunges to the 16.00 figure.<\/p>\n<p>On the other hand, USD buyers need to reclaim the 2023 low-turned-resistance at 16.62 if they would like to push prices toward the 50-day Simple Moving Average (SMA) at 16.98. further upside comes at 17.00, followed by the 100-day SMA at 17.08 and the 200-day SMA at 17.19.<\/p>\n<h2 class=\"fxs_headline_medium\">USD\/MXN Price Action \u2013 Daily Chart<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638471528403937317.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mexican Peso skyrockets sharply toward 16.53 against the US Dollar as USD\/MXN contracts 0.65%. Mexico\u2019s narrowed trade deficit and the tighter labor market in Mexico contributed to Peso&#8217;s ascent, surpassing expectations. Attention turns to Federal Reserve Governor Christopher Waller&#8217;s comments on Wednesday. The Mexican Peso rallied to a new eight-year high against the US Dollar [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":59046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[9614,201,248,251,246,257,255,250,2913,252,247,253,249,5212,871,256,254],"class_list":["post-272805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-banxico","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-mexico","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-seo","tag-usdmxn","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=272805"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272805\/revisions"}],"predecessor-version":[{"id":272806,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272805\/revisions\/272806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/59046"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=272805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=272805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=272805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}