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USD/MXN in multi-week highs around 12.5000

FXstreet.com (Barcelona) - The Mexican peso is sharply lower against the buck on Friday, after mixed results from the Aztec economy are pushing the pair beyond 12.5000, levels last seen in late March.

The unemployment rate ticked higher to 5.04% in April, up from March’s 4.51% while the Current Account deficit narrowed to $5.53 billion inter-quarter during the first quarter, leaving behind the previous deficit of $6.49 billion. The MXN is posting its third straight week of losses against the USD, pushing USD/MXN from the boundaries of 12.0000 in early May.

As of writing, the cross is losing 0.16% at 12.3164 and a breakout of 12.4979 (61.8% Dec-May) would expose 12.5380 (high May 23) and then 12.6440 (weekly high Mar.15).
On the flip side, support levels line up at 12.2200 (low May 22) followed by 12.1862 (MA21d) and finally 11.9358 (low May 9).

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