Before the announcement of the US CPI, risk-off sentiment drives the USD/MXN up to 16.80
1.Ahead of US inflation data on Tuesday, the USD/MXN pair breaks its losing streak.
2.Data on industrial production in Mexico is anticipated to increase in January.
3.It is expected that the US CPI (MoM) would slightly increase in February.
Prior to the planned release of US inflation data on Tuesday, risk-off attitude prevails, ending the eight-day losing streak for USD/MXN. Around 16.80 is where the USD/MXN pair trades higher throughout the European session.
The market expects the US inflation (MoM) rate for February to increase slightly. A strong US Consumer Price Index (CPI) would probably lessen the likelihood that the Federal Reserve (Fed) would drop rates right away.
The January Industrial Production data for Mexico is scheduled to be released on Tuesday. The market anticipates a 0.4% monthly gain and a 2.1% annual increase in this data. Furthermore, market players are looking forward to the Bank of Mexico's (Banxico) next policy meeting on March 21.
After reaching a seven-month high in January, the 12-month inflation rate fell. But Core Inflation increased more than it had previously. Less than anticipated and at a slower rate than before, headline inflation rose.
In February, US nonfarm payrolls added more jobs than both the January number and market estimates. The US Average Hourly Earnings (YoY) did, however, rise while continuing to fall short of the projected and historical figures.
Furthermore, Jerome Powell, the chair of the Federal Reserve (Fed), hinted at possible reductions in borrowing costs at some point this year, emphasizing that any measures would be contingent upon the trajectory of inflation matching the Fed's 2% target. The likelihood of a rate cut in June has decreased somewhat, with a current probability of 68.9%, per the CME FedWatch Tool.
Overview |
Trend |
||
Today last price |
16.8116 |
Daily SMA20 |
17.0183 |
Today daily change |
0.0212 |
Daily SMA50 |
17.0583 |
Today daily change % |
0.13 |
Daily SMA100 |
17.2194 |
Today daily open |
16.7904 |
Daily SMA200 |
17.23 |
Levels |
|
Previous Daily High |
16.8335 |
Previous Daily Low |
16.7818 |
Previous Weekly High |
17.0292 |
Previous Weekly Low |
16.7642 |
Previous Monthly High |
17.2852 |
Previous Monthly Low |
16.9953 |
Daily Fibonacci 38.2% |
16.8016 |
Daily Fibonacci 61.8% |
16.8138 |
Daily Pivot Point S1 |
16.7703 |
Daily Pivot Point S2 |
16.7503 |
Daily Pivot Point S3 |
16.7187 |
Daily Pivot Point R1 |
16.822 |
Daily Pivot Point R2 |
16.8535 |
Daily Pivot Point R3 |
16.8736 |