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USD/MXN reverts the decline

FXStreet (Edinburgh) - After bottoming out in the 13.6000 support, USD/MXN managed to gather traction and is now gyrating around the 13.6500 area.

USD/MXN firmer post GDP data

The Mexican peso reverted its gains vs. its northern neighbor after the GDP figures came in below expectations during the third quarter. In fact, the Mexican economy expanded 0.5% inter-quarter and 2.2% over the last twelve months, vs. forecasts at 0.8% and 2.4%, respectively. The data add to the mixed results from the Retail Sales in Mexico released on Thursday, contracting 0.7% MoM during September. In the opinion of Christian Lawrence, Senior Market Strategist at Rabobank, “We expect MXN to gain some ground against USD over the course of 2015 but the move is likely to be more muted than we were previously thinking and as such we no longer see USD/MXN breaking down through the 13 handle”.

USD/MXN levels to watch

At the moment the pair is losing 0.06% at 13.6345 with the next support at 13.5975 (low Nov.21) ahead of 13.5820 (Tenkan Sen). On the flip side, a breakout of 13.6690 (high Nov.21) would expose 13.6795 (2014 high Nov.4).

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