Societe Generale strategists note USD/MXN has held key lows near 17.10 and is now trying to break out from a small base formation. Initial resistance is at the 200-day moving average around 17.80, with a recent low at 17.30 acting as support.
The Mexican Peso posted gains of over 0.62% against the US Dollar on Thursday after the Banco de Mexico (Banxico) unanimously decided to hold interest rates unchanged at 6.50%. The USD/MXN trades at 17.49, after reaching a one-and-a-half-month peak at 17.67.
The AUD/USD pair trades muted near the 0.6900 area on Thursday, with the Aussie struggling to gain amid a pullback in the US Dollar (USD) as investors digested the latest United States (US) inflation figures and fresh geopolitical risks around the Strait of Hormuz.