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USD/MXN hits 1-month highs above 16.90

FXStreet (Córdoba) - The Mexican peso is falling against the US dollar for the fourth trading day in a row. Earlier USD/MXN reached at 16.91, the highest level since October 2. The pair holds a strong bullish tone and currently is trading around 16.90.

Last week the pair tested a key support located at 16.35, that capped the downside during the last two months, but then bounced sharply to the upside, to test the upper limit of the short-term range. After the US employment report broke the resistance around 16.70 and jumped to 16.87; then pulled back and today after finding support at 16.78 resumed the upside and rose toward fresh highs.

Mexico: Inflation as expected

Official data released today showed that the Consumer Price Index (CPI) rose in Mexico in October 0.50%, in line with expectations and above the 0.37% registered the last month. The annual rate fell from 2.52% to 2.48%, hitting a new record low for the seventh month in a row. The core rate rose 0.25%.

Despite CPI holding at record low level, the central bank of Mexico could raise rates at the next meeting in December if the Federal Reserve starts the hike cycle.

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