2 Feb 2015
USD/MXN consolidating below 14.9000
FXStreet (Edinburgh) - The Mexican peso is reclaiming some ground lost to its neighbour today, dragging USD/MXN to the 14.8800/8700 band so far.
USD/MXN weaker on oil recovery
The peso is deriving support from the current recovery in the crude oil prices, with the barrel of WTI briefly testing levels beyond the $50.00/bbl handle, last seen in early January. Mixed results from the US docket is also collaborating with USD weakness, prompting spot to return from recent multi-year highs above the 15.0000 mark.
USD/MXN levels to watch
At the moment the pair is losing 0.76% at 14.8745 with the next support at 14.7610 (low Jan.30) followed by 14.6200 (low Jan.28) and finally 14.0000 (psychological level). On the upside, a break above 15.0640 (2015 high Jan.30) would expose 15.1900 (high Mar.12 2009).
USD/MXN weaker on oil recovery
The peso is deriving support from the current recovery in the crude oil prices, with the barrel of WTI briefly testing levels beyond the $50.00/bbl handle, last seen in early January. Mixed results from the US docket is also collaborating with USD weakness, prompting spot to return from recent multi-year highs above the 15.0000 mark.
USD/MXN levels to watch
At the moment the pair is losing 0.76% at 14.8745 with the next support at 14.7610 (low Jan.30) followed by 14.6200 (low Jan.28) and finally 14.0000 (psychological level). On the upside, a break above 15.0640 (2015 high Jan.30) would expose 15.1900 (high Mar.12 2009).