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Forex: USD/MXN dips to 20-month lows

FXstreet.com (Barcelona) - The Mexican peso opened stronger against the greenback on Thursday, despite the tepid data from the industrial sector in Mexico, with industrial production rising 0.5% on a monthly basis in February and contracting 1.2% over the last twelve months, vs. January’s 1.1% and 1.7%, respectively.

The strength in the MXN is following today’s risk appetite, advancing across the board and dragging the par to the area below 12.0750, last seen in August 2011.

At the moment, the cross is down 0.27% at 12.0738 with the next support at 12.0085 (weekly low Aug.14 2011) followed by 11.6228 (weekly low Aug.7 2011).
On the flip side, a breakout of 12.2200 (high Apr.8) would bring 12.2983 (MA10d).

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