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The Bank of Mexico is expected to cut its interest rate from 7.75% to 7.5% today at 21:00 MT time
The market has been already pricing in the interest rate decision. On H4, USD/MXN has tested the highs at 19.48-19.50. That is why the pair may move lower after the announcement.
If the Banxico surprises with a bigger rate cut, the Mexican peso will weaken. In this case, the retest of the 19.48-19.5 levels may be possible for USD/MXN. The next resistance will lie at 19.5450.
If the regulator leaves the interest rate unchanged, the Mexican currency will strengthen. This scenario increases the opportunity for USD/MXN to break the 19.41 level on H4. The next support will lie at 19.34.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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