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USD/MXN in red below 12.5000

FXstreet.com (Barcelona) - The Mexican peso is advancing against the greenback on Monday, dragging the pair to the area of 12.4700 despite April’s trade balance figures.

The Aztec economy surprised investors in April, posting a trade deficit of $1.225 billion vs. March’s trade surplus of $1.741 billion. “The Mexican peso lost about 1.5% against the US dollar last week. As we noted previously, macro-economic fundamentals remain supportive, but the technical condition had worsened”.

As of writing, the pair is losing 0.45% at 12.4710 with support levels at 12.3820 (low May 24) followed by 12.2200 (low May 22) and then 12.1862 (MA21d).
On the flip side, a breakout of 12.5380 (high May 23) would expose 12.5600 (high May 24) and finally 12.6440 (weekly high Mar.15).

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