News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Trader confidence in Bitcoin, Ethereum and Gold remains largely undented by recent price falls and their longer-term trends higher remain intact. Get your market update from @MartinSEssex here:https://t.co/xwX3K91WyP https://t.co/GkI5ZRhv3l
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.82% Gold: 0.27% Oil - US Crude: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mbJ4BR6WeP
  • EU Drug Regulator: Benefits of J&J vaccine outweigh risks.
  • World Bank: Sees global commodity prices remaining firm around current levels in 2021 after Q1 recovery.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tEAXFbZw1C
  • Canada extends Covid travel restrictions, only allowing essential travel to and from the US until May 21st. $USD $CAD
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Oil - US Crude: 0.08% Gold: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/husHdqWE1m
  • USD contrarian properties fade as short squeeze stabilises. GBP/USD remains the largest bull bet. Get your market update from @JMcQueenFX here:https://t.co/M76KY0jys3 https://t.co/9pkAItCOkl
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -0.35% Wall Street: -0.41% Germany 30: -0.97% FTSE 100: -1.15% France 40: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0jQtVfHvdH
  • $NZDUSD hit a one month high today as the pair strengthened to the 0.7230 level. It met resistance at this level and has since headed slightly lower, falling back to support around 0.7200. $NZD $USD https://t.co/v6rUigaL18
USD/MXN Pushing Higher Ahead of Banco de Mexico Interest Rate Decision

USD/MXN Pushing Higher Ahead of Banco de Mexico Interest Rate Decision

Nick Cawley, Strategist

Mexican Peso and USD/MXN Price, News and Analysis:

  • USD/MXN pulling back Monday’s weakness.
  • Mexican central bank is likely to leave policy measures unchanged.
Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

For all market-moving economic data and events, see the DailyFX Calendar.

The Mexican central bank is set to leave interest rates untouched on Thursday after cutting them by 0.25% last month to the lowest level in five years. The central bank cut rates on February 11 after inflationary pressures eased and amid growing signs that economic activity in the country hadn’t picked up as expected. While no change is expected at this week’s meeting after inflation expectations picked up, another 25 basis point cut cannot be completely ruled out and this is likely to weigh on the Mexican Peso ahead of the decision. The Mexican government’s vaccination program is struggling with around just 4% of the population having had one jab and this will continue to press down on economic activity, leaving the door ajar for another interest rate cut.

Rising US Treasury yields have also exerted upward pressure on USD/MXN, narrowing the interest rate differential between the two currencies. The yield on the UST 10-year is currently around 10bps off its recent high but yields are expected to resume their upward path soon.

The recent volatility in the Turkish Lira has also weakened the Mexican Peso as emerging market sentiment was dealt a blow and USD/MXN looks set to retest resistance off the 200-day simple moving average shortly. The daily chart highlights that a series of lower highs were broken at the end of January and while the March 8 high at 21.636 may look a distance away, the pair have enough volatility to make this level a reasonable sort-term target. Initial support at 20.507 (50-day sma) ahead of the recent double low at 20.28.

USD/MXN Daily Price Chart (July 2020 – March 23, 2021)

USD/MXN Pushing Higher Ahead of Banco de Mexico Interest Rate Decision
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

What is your view on USD/MXN – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES