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4 Jun 2013
USD/MXN up around 12.7650
FXstreet.com (Barcelona) - The Mexican peso is losing ground against the greenback on Tuesday, as the buck is resuming its upside momentum and Consumer Confidence disappointed investors in May.
In effect, Consumer Confidence in the Aztec economy dropped to 95.2 for the moth of May vs. 95.5 forecasted and 95.7 in the previous print. Business Confidence, however, bettered to 55.49 vs. 55.08 previous. After Monday’s USD sell off, the pair is now recovering part of those losses, prolonging the upside sparked in early May around 12.000 the figure.
As of writing the pair is up 0.17% at 12.7627 with the next resistance at 12.8730 (high Jun.3) ahead of 12.9454 (high May 31) and finally 13.0600 (high Dec.24 2012). On the flip side, a breakdown of 12.6800 (low Jun.4) would bring 12.5379 (61.8% of Jan-May range) and then 12.4829 (MA10d).
In effect, Consumer Confidence in the Aztec economy dropped to 95.2 for the moth of May vs. 95.5 forecasted and 95.7 in the previous print. Business Confidence, however, bettered to 55.49 vs. 55.08 previous. After Monday’s USD sell off, the pair is now recovering part of those losses, prolonging the upside sparked in early May around 12.000 the figure.
As of writing the pair is up 0.17% at 12.7627 with the next resistance at 12.8730 (high Jun.3) ahead of 12.9454 (high May 31) and finally 13.0600 (high Dec.24 2012). On the flip side, a breakdown of 12.6800 (low Jun.4) would bring 12.5379 (61.8% of Jan-May range) and then 12.4829 (MA10d).