According to Mexico’s National Institute of Statistics and Geography (INEGI), the jobless rate for September has fallen to 3.5%, compared to 3.6% expected by the market. USDMXN hasn’t reacted to the news as it continues with its attempts to break the 2-year old ascending trend line.
Special free webinar for traders: Price Action & Market Structures for 2019. Register now.
In August, the jobless rate came at 3.6%, which was higher-than-expected given that the market consensus was 3.5%. As a result, the USDMXN moved 0.35% higher minutes after the data came out.
The market hasn’t reacted in the same fashion today as the bears continue with its attempts to break the key supporting trend line, which connects higher lows since 2017. The intraday resistance is located at $19.3200 while the supporting trend line comes at $19.0800, just below the current market price.
According to the Organisation for Economic Co-operation and Development (OECD), the employment rate in Mexico climbed to 62.2% in the second quarter of this year.