USD/MXN rebounds to near 16.60 ahead of ISM Services PMI data


  • USD/MXN edges higher ahead of key economic data from the United States.
  • Mexico’s Business Confidence remained consistent at 54.3 in February.
  • The US Dollar could appreciate due to reducing expectations for a Fed interest rate cut in June.

USD/MXN rises to near 16.60 during the European trading hours on Wednesday. The National Statistics Agency (INEGI) reported that Business Confidence remained unchanged at 54.3 in February, maintaining high levels last seen nearly eleven years ago. However, investment prospects improved to 48.5 from 47.2, though they remain pessimistic.

The Mexican Peso (MXN) strengthened as growth in Mexico's manufacturing sector remained steady in March, contributing to undermining the USD/MXN pair. Traders will be closely monitoring the release of Gross Fixed Investment figures on Wednesday, followed by the publication of the latest meeting minutes for the Bank of Mexico (Banxico).

The steady performance of the US Dollar (USD) is contributing to the hawkish price action of the USD/MXN pair. Market sentiment is shifting, with reduced expectations for a Federal Reserve (Fed) interest rate cut in June. This has led to elevated US Treasury bond yields, favoring USD bulls.

On Tuesday, US February JOLTS Job Openings surpassed market expectations, rising to 8.756 million from the previous figure of 8.748 million. Additionally, Factory Orders rebounded with a 1.4% month-on-month increase in February, following a 3.8% decline in the prior reading.

In the United States (US), investors are focusing on the ADP Employment Change and ISM Services PMI data scheduled for release on Wednesday. Furthermore, Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech on the US economic outlook at the Stanford Business, Government, and Society Forum in Stanford.

USD/MXN

Overview
Today last price 16.5873
Today Daily Change 0.0326
Today Daily Change % 0.20
Today daily open 16.5547
 
Trends
Daily SMA20 16.7142
Daily SMA50 16.944
Daily SMA100 17.0413
Daily SMA200 17.1942
 
Levels
Previous Daily High 16.6545
Previous Daily Low 16.545
Previous Weekly High 16.7703
Previous Weekly Low 16.5116
Previous Monthly High 17.0655
Previous Monthly Low 16.5116
Daily Fibonacci 38.2% 16.5869
Daily Fibonacci 61.8% 16.6127
Daily Pivot Point S1 16.515
Daily Pivot Point S2 16.4753
Daily Pivot Point S3 16.4055
Daily Pivot Point R1 16.6245
Daily Pivot Point R2 16.6942
Daily Pivot Point R3 16.7339

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds sizeable gains near 1.0900 on German fiscal optimism

EUR/USD holds sizeable gains near 1.0900 on German fiscal optimism

EUR/USD holds sizeable near 1.0900 in European trading on Tuesday. Improved risk appetite, sustained US Dollar weakness and German Greens predicting a spending deal this week power the pair's upsurge ahead of US JOLTs data and US-Ukraine Summit.

EUR/USD News
GBP/USD extends gains above 1.2900 amid sustained US Dollar weakness

GBP/USD extends gains above 1.2900 amid sustained US Dollar weakness

GBP/USD extends gains above 1.2900 in the European sessopn on Tuesday. The pair advances as the US Dollar remains pressured amid Trump's tariffs uncertainty and US recession fears. All eyes remain on the US jobs data and US-Ukraine Summitt for further impetus.  

GBP/USD News
Gold price climbs further beyond $2,900; reverses major part of Monday's fall to one-week low

Gold price climbs further beyond $2,900; reverses major part of Monday's fall to one-week low

Gold price builds on its intraday ascent beyond the $2,900 mark, hitting a fresh daily high during the first half of the European session and reversing a major the previous day's losses to a one-week low. Investors remain worried about the potential economic fallout from US President Donald Trump's trade tariffs and persistent geopolitical risks.

Gold News
The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million

The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million

The crypto market continued its ongoing downleg as the week started, as its market cap capitalization reached a low of $2.44 trillion on Tuesday, levels not seen since early November.

Read more
Gold price climbs further beyond $2,900; reverses major part of Monday's fall to one-week low

Gold price climbs further beyond $2,900; reverses major part of Monday's fall to one-week low

Gold price builds on its intraday ascent beyond the $2,900 mark, hitting a fresh daily high during the first half of the European session and reversing a major the previous day's losses to a one-week low. Investors remain worried about the potential economic fallout from US President Donald Trump's trade tariffs and persistent geopolitical risks.

Gold News
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025