USDMXN Recovers Losses After Strong US GDP and Durable Goods Orders
USDMXN recovers earlier losses after stronger USD GDP and durable goods orders data. USA Gross Domestic Product Annualized came in at 2.1% topping forecasts of 1.9% in 3Q, the GDP Price Index came in at 1.7% in line with expectations. The Durable Goods Orders ex Defense came in at 0.1% beating expectations of -0.3% in October. The Initial Jobless Claims came in at 213K below expectations of 221K in November.
On the other side of the equation, Mexico’s Jobless Rate came in at 3.6% below forecasts of 3.8% in October. The Mexico Trade Balance, came in at $-0.726B, topping expectations of $-1.714B in October.
On the technical side, the USDMXN regained the positive sign after better US macro data and as of writing approaches the daily high at 19.5414 which is the first resistance before an attempt to yesterdays high at 19.59. The next target to the upside stands at 19.8552 the high from October 2nd.
On the downside, immediate support for the pair stands at 19.4636 today’s low which guards the 100-day moving average at 19.4143. A break below will attract more sellers that might push the pair down to 19.3499 the 50-day moving average.More content