USD/MXN stops its streak of losses ahead of the release of US inflation data on Tuesday.
Mexican Industrial Production figures for January are anticipated to show growth.
US CPI (Month-on-Month) is expected to see a slight uptick in February.
USD/MXN breaks its eight-day losing streak as market sentiment leans towards risk aversion ahead of the upcoming release of US inflation data. During the European trading session, the USD/MXN pair trades higher around the 16.80 mark.

Investors are expecting a modest increase in February’s US inflation data. A strong US Consumer Price Index (CPI) report could lessen the likelihood of an immediate interest rate cut by the Federal Reserve (Fed).

Mexico’s economic calendar includes the release of Industrial Production data for January, with forecasts suggesting a monthly growth of 0.4% and a year-on-year increase of 2.1%. Additionally, market participants are eagerly awaiting the Bank of Mexico (Banxico) policy meeting scheduled for March 21.

In January, the 12-month inflation rate in Mexico eased from a seven-month high, while Core Inflation saw an uptick compared to the previous increase. Headline Inflation came in below expectations and lower than the previous reading.

US Nonfarm Payrolls for February showed an increase in job additions compared to January and market forecasts. However, US Average Hourly Earnings (Year-on-Year) rose but remained below both estimated and previous levels.

Furthermore, Federal Reserve (Fed) Chair Jerome Powell hinted at potential cuts in interest rates sometime this year, contingent upon the inflation trajectory aligning with the Fed’s 2% target. According to the CME FedWatch Tool, there has been a slight decrease in the probability of a rate cut in June, currently standing at 68.9%.


Today last price16.8116
Today Daily Change0.0212
Today Daily Change %0.13
Today daily open16.7904
Daily SMA2017.0183
Daily SMA5017.0583
Daily SMA10017.2194
Daily SMA20017.2357
Previous Daily High16.8335
Previous Daily Low16.7818
Previous Weekly High17.0292
Previous Weekly Low16.7642
Previous Monthly High17.2852
Previous Monthly Low16.9953
Daily Fibonacci 38.2%16.8016
Daily Fibonacci 61.8%16.8138
Daily Pivot Point S116.7703
Daily Pivot Point S216.7503
Daily Pivot Point S316.7187
Daily Pivot Point R116.822
Daily Pivot Point R216.8535
Daily Pivot Point R316.8736

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