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Forex: USD/MXN inching higher after CPI data

FXstreet.com (Barcelona) - The Mexican peso is losing ground against its neighbour on Wednesday, after the first 15-day inflation figures in the Aztec economy contracted 0.09% in April, while the Core print advanced 0.05%.

In light if the next MPC meeting on Friday, and according to analysts at TD Securities, the country has well managed to stay in line with the inflation target of 3%, “Mainly on this, and on expectations that inflation will hover slightly above 3.5% in the foreseeable future, we believe the overnight rate will remain unchanged until end-2014 rate will remain unchanged until end-2014.”

At the moment, the cross is up 0.27% at 12.2793 with the next resistance at 12.3025 9high Apr.19) followed by 12.3535 (high Apr.22) and finally 12.3750 (high Apr.23).
On the flip side, a breach of 12.2035 (MA10d) would expose 12.1467 (MA200h) and then 12.0625 (low Apr.15).

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In Europe, Italy's President Napolitano is set to announce his choice of PM to form a new government today. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The new coalition government could take office in a matter of days and would be backed primarily by the rivals on the center-left and center-right.”
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