Mexican Peso Holds Steady Ahead of Banxico Meeting

The Mexican Peso (MXN) is trading within a narrow range, awaiting the Bank of Mexico’s (Banxico) monetary policy decision. The peso has been supported by a stronger US Dollar (USD) and positive developments in the US economy.

Economic Data

Mexico’s Retail Sales data for July came in slightly below expectations, while inflation data for September will be released this week. The data will provide insights into the domestic economy and influence Banxico’s decision.

Banxico Meeting

Banxico is expected to cut interest rates by 25 basis points (bps) at its upcoming meeting. However, the decision will depend on inflation data and other economic indicators.

Technical Analysis

The USD/MXN pair has found support at the base of a long-term rising channel. A break above the 20-day Exponential Moving Average (EMA) could signal a bullish trend.

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