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18 Mar 2015
USD/MXN dips to 15.1000 on Yellen
FXStreet (Edinburgh) - The hawkish tone from the FOMC meeting and Yellen’s presser are taking a toll on the greenback, dragging USD/MXN to multi-day lows around 15.1000.
USD/MXN lower on FOMC
Spot came under renewed selling pressure after the Committee now needs to be ‘reasonably confident’ that the inflation is heading towards the 2% target before hiking rates, dropping at the same time the ‘patient’ stance. In her press conference, Chairwoman J.Yellen said that a strong dollar means a solid US economy despite keeping consumer prices under downside pressure. She added that the Fed could raise rates at any meeting after April.
USD/MXN important levels
The pair is now losing 1.56% at 15.1344 with the next support at 15.0289 (low Mar.5) followed by 14.9777 (low Mar.4) and then 14.9281 (low Mar.3). On the upside, a break above 15.5187 (high Mar.16) would aim for 15.5644 (high Mar.13) and finally15.6676 (high Mar.10).
USD/MXN lower on FOMC
Spot came under renewed selling pressure after the Committee now needs to be ‘reasonably confident’ that the inflation is heading towards the 2% target before hiking rates, dropping at the same time the ‘patient’ stance. In her press conference, Chairwoman J.Yellen said that a strong dollar means a solid US economy despite keeping consumer prices under downside pressure. She added that the Fed could raise rates at any meeting after April.
USD/MXN important levels
The pair is now losing 1.56% at 15.1344 with the next support at 15.0289 (low Mar.5) followed by 14.9777 (low Mar.4) and then 14.9281 (low Mar.3). On the upside, a break above 15.5187 (high Mar.16) would aim for 15.5644 (high Mar.13) and finally15.6676 (high Mar.10).