​USD/MXN: the rate decision is ahead

​USD/MXN: the rate decision is ahead

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.

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