The Mexican Peso has faced downward pressure, with the USD/MXN pair trading near the 19.86 level. The market’s focus remains on the ongoing debate over the proposed constitutional reforms, which could significantly impact investor sentiment and the Mexican economy.

The release of mixed economic data has created some uncertainty in the market. While the Mexican Jobless Rate rose slightly, the S&P Global Mexico Manufacturing PMI showed a decline. The Mexican Peso has also been supported by the interest rate differential between Mexico and the United States.

USD/MXN Technical Outlook

The USD/MXN pair is trading within a rising channel, with a potential for further upside. A break above the 19.98 level could signal a continuation of the upward trend, with potential targets at the channel highs. However, the pair is currently consolidating near the 19.86 level, indicating a short-term pullback.