USD/MXN: On track to return below 17.00 for the first time since early September – SocGen

Market news

28 November 2023

USD/MXN: On track to return below 17.00 for the first time since early September – SocGen

The Mexican Peso has rallied 5.9% vs. the US Dollar this month. Economists at Société Générale analyze USD/MXN outlook.

17.70 is near term hurdle

The MXN is on track to strengthen to 17.00/USD for the first time since early September amid broad USD weakness.

The pair is expected to drift towards next potential supports at 17.00 and July/August lows near 16.60.

Confluence of 50-DMA and 200-DMA near 17.70 is near term hurdle.

The Banxico will release its quarterly inflation report on Wednesday. The forecast should be in line with those of November: average inflation steadily slowing to 4.4% in 4Q23 and 3.4% in 2024, with the average core slowing to 5.3% and 3.3%, respectively.

NZD/USD should be able to maintain its positive performance for now – Commerzbank

USD Index Price Analysis: Extra losses in the pipeline

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.