Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
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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USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday at 15:30 MT time.
Will the Australian Monetary Policy Meeting minutes support the AUD?
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
Latest news
What drives the market on August 10?
The market has started the week with a mixed sentiment…
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
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