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Forex: USD/MXN testing session highs

FXstreet.com (Barcelona) - The Mexican peso is losing ground against its neighbour on Friday, after the economic activity in the Aztec economy expanded less than forecasts in the first quarter: 0.5% QoQ and 0.8% YoY, vs. 0.8% and 3.2% respectively.

“If data continue to come in soft in Q2 and Q3, then a rate cut will become very likely in Q3 or Q4. However, with inflation of 4.7% y/y still well above the 2-4% target range, easing won't be imminent and we see no move at the June 7 meeting”, noted the BBH Global Currency Strategy Team.

The pair is now advancing 0.42% at 12.3356 and a surpass of 12.4786 (MA100d) would bring 12.6440 (weekly high Mar. 15)
On the other hand, support levels line up at 12.2448 (MA50d) ahead of 12.1598 (MA21d).

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