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• USD/MXN reached a one-week low on Friday as the dollar fell after Fed Chair Jerome Powell indicated a potential rate cut in September during his Jackson Hole speech.
• Powell noted that the changing balance of risks could require adjustments to the Fed’s policy stance but stopped short of committing to a rate cut. His comments struck a careful balance, recognizing rising risks to the job market while warning that inflationary pressures persist.
• Market expectations for a September Fed rate cut rose after July jobs data disappointed and consumer prices showed minimal tariff impact.
• Going forward, labor market data is expected to play a central role in shaping the Federal Reserve’s policy decisions.
• At GMT 20:31,the dollar was down 0.86 % at 18.590 against Mexican peso.
• Immediate resistance is located at 18.772 (38.2%fib), any close above will push the pair towards 18.876(50%fib).
• Support is seen at 18.531(23.6%fib) and break below could take the pair towards 18.485(Lower BB).
Recommendation: Good to buy around 18.500 with stop loss of 18.400 and target price of 19.000
