USD/MXN rises above 15.500

FXStreet (Córdoba) - After a short lived recovery on Tuesday, the Mexican peso resumed the decline against the US dollar. USD/MXN is about to post the first daily close above 15.500 in a month. Latin American currencies were among the worst performers on Wednesday while greenback posted mixed results in the forex market.

USD/MXN eyes record highs

The pair is testing Monday’s highs that lie around 15.530; a break higher could open the doors for a bullish run toward 16.000; above here attention would focus on record highs that are located at 15.660.

The short term outlook continues to favor the upside, as greenback continues to rise at a modest pace but constantly. Yesterday USD/MXN made a correction but price was rejected from below 15.400 and today resumed the upside.

Banxico and US data

While the market continues to analyzed Wednesday’s data, that included the ADP employment report, services PMI and the Beige book; speculations about the numbers that will show the NFP report on Friday are rising. In Mexico, tomorrow the central bank of Mexico will announced its decision on monetary policy, analysts are expecting it to remain on hold.