USD/MXN fails to exceed 19.00, but Fed hawkishness favors upward.

 

Below the crucial resistance level of 19.00, USD/MXN bounces within a constrained range. The S&P500 futures and US Treasury rates show signs of recovery, creating confusion in the market’s mindset. Before stopping its campaign of tightening policy, the Fed may announce two further rate increases of 25 basis points.

In the early European session, the USD/MXN pair displayed a balanced auction below the round-level resistance of 19.00. As Federal Reserve (Fed) officials consistently provide aggressive commentary for the terminal rate and sustain higher interest rates to rein in the tenacious inflation, USD/MXN is anticipated to transcend the immediate obstacle.

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