#Peso to eur download#

While the RSI has crossed above 50, indicating overbought conditions for MXN, it has fallen below 70, suggesting further room for MXN strength and JPY weakness.įocusing on the near-term price outlook, in case of MXN/JPY strength, attention should be directed towards resistance at 8.698 (September 20 high). MXN/JPY has breached the 38.2% Fibonacci retracement at 8.509 yen, based on price movements from July 13 to August 28, transitioning into a trend of a stronger Mexican Peso and weaker Japanese Yen. Following the latest decision, financial markets have adjusted their expectations, factoring in an increased likelihood of a rate cut within the next six months. This tweak in guidance contrasts with Banxico's previous assurance of no immediate plans for easing, marking a noteworthy shift in the central bank's stance. Adding to the equation is Banxico's latest monetary policy announcement.įor context, policymakers kept borrowing costs at a record high, but hinted at a potential cut in the post-meeting statement, resulting in some weakening of the currency against major counterparts. The movement of crude oil prices is crucial for the Mexican Peso, as oil is a major commodity for Mexico. Source: TradingView BANXICO MONETARY POLICY MEETING Get My Guide WTI CRUDE OIL PRICE DAILY CHART Don't let the occasion to acquire vital insights and strategies pass you by – obtain your 'How to Trade Oil' guide immediately! Start your voyage to becoming a knowledgeable oil trader today. This could set the stage for a decline towards the 78.6% Fibonacci retracement level at $73.06, based on the observed price movements from June 28 to September 28. With these negative signals on the technical front and hedge fund positioning a potential headwind, there's a possibility that WTI crude oil prices may deepen their losses, descending below $75. The occurrence of a 'death cross,' where the 9-day moving average moves below the 200-day moving average, adds another bearish cue to the mix. From a technical standpoint, the Relative Strength Index (RSI) has fallen below 50 and appears oversold, but remains above the 30.00 threshold, indicating some room for further weakness. WTI crude oil prices have broken through support at $80 per barrel and are currently hovering around the $75 mark. Get My Guide WTI Crude Oil Futures Positioning (Speculators) CRUDE OIL PRICE OUTLOOK

#Peso to eur download#

Despite this, the persistently high level of long positions compared to pre-summer levels suggests the potential for additional reduction in bullish bets, which could exacerbate downward momentum.Įager to gain a better understanding of where the oil market is headed? Download our Q4 trading forecast for enlightening insights! Hedge funds and speculators operating in the futures market are actively unwinding their long positions in crude oi in response to recent price action dynamics. Factors contributing to this decline include a surge in crude oil inventories in the United States and comments from Federal Reserve Chair Powell hinting at the potential for further monetary tightening, adding to the pressure in the energy sector.

This downward trend is fueled by speculations surrounding a slowdown in the economies of major oil-consuming nations. WTI crude oil prices are on the cusp of dipping below $75, marking the lowest point since July on a closing basis. Most Read: US Dollar Flies on Hawkish Powell - Setups on EUR/USD, USD/JPY, AUD/USD, Gold

Banxico pivots to a less aggressive monetary policy stance.

Crude oil prices approaching $75, the lowest since July.